Above is Daily Chart of Shanghai Composite Index
The Shanghai Composite spent most of the day in negative territory, but had traded within a range of -1.4 per cent to +1.5 per cent until the final hour of the session. Then the index shot up, closing 3.4 per cent higher at 3,789.2.
It’s the biggest one-day gain for Shanghai stocks since July 17, as was the 4.1 per cent gain for the Shenzhen Composite, which also enjoyed a late surge.
The moves bring to an end three-day losing streaks for both indices, which included the Shanghai Composite’s 8.5 per cent plunge on Monday, which was its second-biggest drop of the past 15 years.
Some reports have pointed to a rush of buying by government-backed funds in the final hour.
10-year sovereign yields: