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China Market Support Leaves Most Stocks Behind in Small-Cap Rout

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(Bloomberg) –- China is unleashing more measures to halt the steepest plunge in stocks in more than two decades. Bloomberg’s Stephen Engle reports on “First Up.” (Source: Bloomberg)

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Most Chinese stocks fell as a fresh round of government support measures failed to spark gains outside the largest state-run companies.

More than two stocks dropped for each one that rose on the Shanghai Composite Index, which climbed 2.4 percent to 3,775.91 at the close. The benchmark gauge was supported by rallies in PetroChina Co. and Industrial & Commercial Bank of China Ltd., the two largest members on the index, amid speculation of buying by state-directed funds. The ChiNext measure of smaller companies sank 4.3 percent, while the Shenzhen Composite Index retreated 2.7 percent.