China Stocks Rise, Paring World's Worst Quarterly Performance
- Shanghai Composite capped biggest quarterly loss since 2008
- Equity rout sparked an unprecedented state rescue effort
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China’s stocks rose, paring the biggest quarterly loss since 2008, as the government struggled to halt a $5 trillion rout and the world’s second-largest economy showed signs of a sharper slowdown.
The Shanghai Composite Index tumbled 29 percent since the end of June, the biggest slump among benchmark global gauges. The measure rose 0.5 percent to 3,052.78 at Wednesday’s close on turnover 55 percent below the 30-day average. Automakers led gains after the government cut a tax on vehicle purchases. China’s financial markets will be shut from Thursday for weeklong National Day holidays.