China: Stocks pare losses as tech CEOs pledge to support shares

[HONG KONG] Chinese stocks pared losses as the heads of at least 28 companies listed on the ChiNext index of smaller companies pledged to support prices through buying equities or halting new share sales.

The Shanghai Composite Index fell 1.5 per cent at 1.10 pm local time, after losing as much as 7.2 per cent in mid-morning trade. The ChiNext gauge of mostly technology companies rallied 2.5 per cent after plunging 33 per cent from its June 3 peak through Thursday.

BLOOMBERG