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Shanghai shares snap five-session losing streak as tech stocks rally

By REUTERS

JANUARY 17, 2017 09:36

SHANGHAI - Shanghai's benchmark stock index rose on Tuesday, snapping a five-day losing streak, as small-caps staged a sharp afternoon rebound that let an index tracking them halt an eight-day slide.

The blue-chip CSI300 index rose 0.2 percent, to 3,326.36 points. The Shanghai Composite Index also added 0.2 percent to 3,108.77 points.

China's start-up board ChiNext remained sluggish in the morning after slumping as much as 6.1 percent to a 16-month low on Monday, but reversed earlier losses after lunch and ended Tuesday in heavy turnover.

The rebound, which many say stemmed from views that recent falls were overdone, was led by ChiNext bellwether Leshi Information. It hit its 10 percent daily upside limit in its best day since June.

The market apparently drew some support from news that China's top securities regulator met with market participants on Saturday. It sought feedback on topics including initial public offerings (IPOs), two sources told Reuters, amid an acceleration in listings that has weighed on share prices.

News about the meeting fuelled speculation that regulators might slow the pace of IPOs to ease liquidity pressure on the market.

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