Shares鈥 rally pares previous losses
Print Edition
Shanghai shares rebounded yesterday, erasing some earlier loss in a volatile trading.
The Shanghai Composite Index added 0.46 percent to 3,823.18 points, erasing a loss of more than 3 percent during the day.
Health care and industrial companies gained, with Jiangsu Hengrui Medicine Co up 4.84 percent to 44.17 yuan (US$7.11) and China Eastern Airlines Co surging by the 10 percent daily limit to 9.50 yuan.
Yesterday’s rebound pared losses for the Shanghai gauge over the past month to 22 percent, easing from a 30 percent rout that wiped US$4 trillion off the market.
Since last week the China Securities Regulatory Commission has unveiled measures to stabilize the market, including ordering state-owned institutions to buy equities and cracking down on illegal margin financing.
China Life Insurance Co fell 2.82 percent to 32.78 yuan after cutting its stake in CITIC Securities Co to 5.74 percent from 6.05 percent.
“A lot of domestic investors are still in a gambling mode,” said Yen Chiu, a trader at Shenwan and Hongyuan Securities Co.
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