China Stocks Rise on Suspected State Buying After Margin Curbs
- Technology shares rally with yuan in late afternoon trading
- Bourses reduce amount traders can borrow to buy shares
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China’s stocks rose, led by technology shares, on speculation state funds bought shares after officials moved to tighten curbs on margin borrowing.
The Shanghai Composite Index rose 0.7 percent at the close, with all the gains coming in the last 40 minutes of trading. The measure slumped as much as 1.7 percent earlier. Suspected intervention by China’s central bank also helped the yuan jump sharply in offshore trading to reverse earlier losses. The Hang Seng China Enterprises Index retreated 2 percent in Hong Kong.