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China stocks reverse losses against Greece on policy fine-tuning hopes


16:01, November 02, 2011

BEIJING, Nov. 2 (Xinhua) -- Shocks to China's stock markets brought by Greece's surprise call for a referendum on the European bailout fund lasted for just half-day on Wednesday, with key indexes posting single-day turnarounds.

The Chinese equity markets bucked the global trend and reversed early 1-percent losses and gained more than 1.2 percent toward closing as investors speculate that selective easing of the country's tightening policies is looming.

The benchmark Shanghai Composite Index slid 1.3 percent at opening and trimmed the losses to 1 percent during the morning break. Speculations that China's policymakers will soon partly loosen the current tightening measures boosted the market when trading resumed in the afternoon, lifting the index by 34.09 points, or 1.38 percent, to close at 2,504.11.

The Shenzhen Component Index opened 1.44 percent lower and widened its losses to 1.5 percent for the morning close. Optimism of selective policy easing also fueled the rally in the afternoon, sending the index up by 1.34 percent to close at 10,581.75.

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