Shanghai Composite Sticks to 2,800 Like Glue as Stocks Halt Drop
- Chinese stock benchmark recovers key level in late trading
- Commodity producers advance, while airlines fall on crude gain
Asian Stocks: Are the Bulls Back?
This article is for subscribers only.
China’s stocks halted a two-day slide as a late-day rebound pushed the benchmark index back above the key 2,800 level.
The Shanghai Composite Index rose 0.3 percent at the close, led by commodity producers. The stocks gauge slid below 2,800 intraday before recovering in the last 15 minutes of trading in a recurring pattern that has led to speculation state funds are shoring up the market at that level. Energy shares such as China Petroleum & Chemical Corp. gained after Brent crude traded above $50 for the first time in six months, overshadowing losses for airlines.