Chinese stocks surged in late trade on Wednesday, with the Shanghai index recording a 3.4 per cent rise just two days after one of its sharpest drops in history.
The Shanghai Composite closed at 3,789.0 points, erasing losses from Tuesday amid speculation of heavy state-backed buying of stocks. The Shenzhen index added 4.1 per cent, while the ChiNext board gained 4.3 per cent.
The three indices were lifted by gains in smaller companies rather than large cap stocks. PetroChina, the country’s biggest company by market capitalisation, fell 1.7 per cent, China Construction Bankslipped 0.2 per cent, while ICBCeked out a 0.6 per cent gain.
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