BLOOMBERG.COM
Chinese stocks eked out a gain in late trading amid speculation state-backed funds intervened to support the market during annual policy meetings. The Shanghai Composite Index rose 0.2 percent at the close, erasing a loss of as much as 1.4 percent, amid turnover that was 18 percent lower than the average. PetroChina Co., long considered a target of government buying because of its large index weighting, climbed for a second day. China Life Insurance Co., the fifth-most heavily weighted stock, jumped to a two-month high. China’s central bank has drafted rules for a levy on foreign-exchange trading that would help curb currency speculation, according to people with knowledge of the matter.
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Chinese stocks eked out a gain in late trading amid speculation state-backed funds intervened to support the market during annual policy meetings. The Shanghai Composite Index rose 0.2 percent at the close, erasing a loss of as much as 1.4 percent, amid turnover that was 18 percent lower than the average. PetroChina Co., long considered a target of government buying because of its large index weighting, climbed for a second day. China Life Insurance Co., the fifth-most heavily weighted stock, jumped to a two-month high. China’s central bank has drafted rules for a levy on foreign-exchange trading that would help curb currency speculation, according to people with knowledge of the matter.
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