China Stocks Cap Best Week This Year as State Said to Intervene
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Chinese stocks recovered from Monday’s plunge to post their biggest weekly gain this year as the government intervened to support the market before the start of annual policy meetings.
The Shanghai Composite Index climbed for a fourth day to end the week 3.9 percent higher. Industrial & Commercial Bank of China Ltd., the most valuable company listed in the city, jumped the most in four months to lead gains by large-cap shares. State-backed funds bought primarily bank shares, while some local branches of the securities regulator asked listed companies, mutual funds and brokerages to stabilize the market during the meetings, according to two people with direct knowledge of the situation. A gauge of smaller shares declined.