China Stocks Recover Losses in Late Trading as Volatility Climbs
- Banks, developers rally in Shanghai as industrials retreat
- Traders also weigh IPO subscriptions, manufacturing data
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China’s stocks erased steep losses in the last hour of trading, led by financial companies, as a second day of wild price swings tested the government’s plan to trim support for the equity market.
The Shanghai Composite Index climbed 0.3 percent to 3,445.41 at the close, erasing a loss of as much as 3.2 percent, as a gauge of volatility traded near its highest level in two months. Bank of China Ltd. jumped the most in three months to pace gains for lenders. The benchmark gauge climbed 1.9 percent this month, the smallest move since January.