China Market recovers on bottom fishing

The Mainland China equity market closed higher in volatile trade on Wednesday, 20 June 2018, as investors sought bargains, a day after the spectre of a US-China trade war rattled markets. Wednesday's rebound came after 30 listed firms announcing share purchase plans by major shareholders, and reports China's central bank urged investors to remain calm and rational, saying the economy is in good shape to deal with trade friction. Market gains were, however, limited, amid significant uncertainty around the trade outlook. Wednesday's rebound was led by sectors that were less vulnerable to trade friction, such as consumer, drug retail, biotechnology, and healthcare. The benchmark Shanghai Composite Index edged up 0.27%, or 7.91 points, to 2,915.73 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 1.16%, or 18.55 points, to 1,612.60. The blue-chip CSI300 index rose 0.4%, to 3,635.44 points.

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