Shanghai share index rallies above 4,000, first time since July 2
SHANGHAI, July 13 (Reuters) - China stocks extended their rebound on Monday, with the Shanghai Composite Index rising over 4,000 points - a key psychological level - for the first time since July 2.
The benchmark index has so far rebounded nearly 20 percent from a four-month low hit last Thursday.
But the index is still down about 23 percent from its June 15 peak, when a three-week rout began that led to government taking a series of market support measures.
The Shanghai index is now mid-way between last week's bottom and a perceived ceiling of 4,500 points, a level below which a government-backed bailout fund, formed by 21 brokerages, has promised not to sell. (Samuel Shen and Pete Sweeney; Editing by Simon Cameron-Moore)
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