China: Shanghai stocks reverse loss to close up 1.23%

[SHANGHAI] Shanghai stocks closed up 1.23 per cent on Wednesday, erasing a more than five percent plunge in morning trade, on expectations of fresh government support for the market, dealers said.

The benchmark Shanghai Composite Index added 45.95 points to 3,794.11 on turnover of 599.5 billion yuan (S$131.4 billion).

It fell as much as 5.06 per cent and rose up to 1.69 per cent during the day after a more than six per cent drop on Tuesday, the biggest fall in three weeks.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 2.19 per cent, or 47.63 points, to 2,222.05 on turnover of 547.1 billion yuan.

AFP