Chinese Stocks Record Steepest Gain Since 2009
China’s stocks surged in the last hour of trading to head for the steepest gain since 2009 as technology shares led a rebound for companies that had been beaten down the most during a $5 trillion rout.
The Shanghai Composite Index jumped 5.9 percent to 3,180.88 at 2:47 p.m. Only seven out of the more than 1,100 stocks in the benchmark gauge fell as trading volumes slumped 48 percent below the 30-day average.
Technology stocks, the worst performers in the past three months, rallied 9.6 percent for the biggest gain among industry groups. Citic Securities Co., which confirmed its president was being investigated for insider trading, rebounded 8.5 percent.