Markets

Benchmark rebounds from 7-month low

(China Daily)
Updated: 2010-05-06 14:15

SHANGHAI - Mainland stocks rose, with the benchmark index rebounding from its lowest level in seven months, as investors speculated recent declines were overdone.

Related readings:  Mainland consumer stocks shining through market clouds  China stocks ETF short sales rise to 2-yr high  Bubble fears see stocks drop to 7-month low

The Shanghai Composite Index rose 21.88, or 0.8 percent, to close at 2,857.15 on Wednesday, reversing a loss of as much as 2.3 percent. The gauge has slumped 13 percent in 2010, Asia's worst performer.

Guangzhou Pharmaceutical Co advanced 4 percent after China International Capital Corp recommended investors "stay defensive" by holding healthcare stocks. Inner Mongolia Yili Industrial Group Co, the nations' biggest dairy producer, paced gains by consumer-related stocks. Jiangxi Copper Co and PetroChina Co led declines among raw-material producers.

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