Shares recover from steep slide to edge up
Print Edition
Shanghai shares recovered from an earlier steep slide to edge up in the last hour of trading yesterday, helped by financial companies.
The Shanghai Composite Index added 0.26 percent to close at 3,445.41 points. The gauge rebounded to erase an earlier loss of up to 3.13 percent, leading it to the most volatile trading in two months.
Financial blue chips led gainers, with the Bank of China jumping 4.1 percent, its biggest rise in three months, to 4.11 yuan (64 US cents). All the other 13 listed banks also rose.
Last Friday, the probe into China’s three biggest brokerages for suspected “rule violations” by the regulator forced a sell-off, sending the stock market tumbling the most since this summer’s rout.
The market was also waiting yesterday for a decision by the International Monetary Fund on whether to admit the yuan to its basket of reserve currencies. But analysts don’t see any sharp improvement in sentiment, as the inclusion is largely a done deal, said Hong Hao, managing director and chief China strategist at BOCOM International.
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