China State Funds Said to Buy More Shares After Market Rout

China intervened to shore up its slumping stock market for at least the second time this week as state-controlled funds bought equities, according to people familiar with the matter.

Government funds purchased local stocks on Friday, bolstering the market after regulators scrapped circuit breakers that ended trading early on two days this week, said the people, who asked not to be identified because the buying wasn’t publicly disclosed. Funds purchased financial shares and others with large weightings in benchmark indexes, the people said. The CSI 300 Index rallied 2 percent at the close, after tumbling 12 percent this week through Thursday.