China Stocks Pare Losses on Suspected Late Buying by State Funds
- Copper, steel and coal producers lead declines in Shanghai
- CLSA says Chinese stocks may retreat when NPC meeting ends
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Chinese stocks pared losses in the last half an hour of trading as suspected state-backed fund buying offset declines by commodity producers after oil and metal prices slumped.
The Shanghai Composite Index closed 1.3 percent lower, after falling as much as 3.1 percent earlier. Index heavyweight Industrial & Commercial Bank of China Ltd. climbed 1.6 percent, with all the gains coming in the last 20 minutes, a pattern seen over the past week. Jiangxi Copper Co. plunged the most in six weeks to lead miners lower in the wake of an industrial-metals selloff.