Shanghai stocks rally after supporting remarks

Hong Kong: Shanghai stocks rebounded from early losses to surge more than two percent Friday after top economic officials made rare coordinated statements aimed at shoring up investor confidence in the country’s troubled markets.

The benchmark Shanghai Composite Index jumped 2.58 percent, or 64.05 points, to 2,550.47 but it still finished the week 2.1 percent lower.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, also gained 2.58 percent, or 31.80 points, to 1,263.81 but lost 2.5 percent for the week.

Hong Kong’s Hang Seng Index also staged a rebound to end 0.42 percent, or 106.85 points, higher at 25,561.40.