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BIZCHINA / Index & Statistics |
China stocks rebound 1.9% at close(Agencies)
Updated: 2007-10-23 17:16 China's stock market broke a four-day losing streak on Tuesday, rebounding towards the close after the main index found technical support and mainland shares listed in Hong Kong surged. But turnover remained low and analysts said that given concern about tightening liquidity and monetary policy, it was not clear that the market was resuming a strong uptrend. The Shanghai Composite Index , which dropped as low as 5,574.840 points during the day, closed up 1.87 percent at 5,773.387, less than three points off its intra-day high. It bounced from near technical support at 5,560.417, the lower edge of a gap on the daily chart created at the start of October. Short-term buyers returned to the market as it became clear this support would hold, traders said. The market was also buoyed by a jump in Hong Kong-listed H shares, particularly banking stocks amid hopes that authorities might raise the cap on foreign banks' holdings in Chinese mainland's banks. Bank of Communications' A shares jumped 6.7 percent to 16.08 yuan (US$2.14), though they far underperformed its H shares , which rocketed more than 14 percent. |
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