China stocks, after wild ride, reverse course and close higher
SHANGHAI, June 4 (Reuters) - China's stock market went on a dramatic roller-coaster ride on Thursday, with an after-lunch meltdown spurring a wave of fresh buying that produced gains for the day instead of a sharp loss.
The wild ride just one week after the market plunged more than 6 percent underscores increasing volatility in a high-flying market.
The pattern of sharp falls being followed by a quick rebound has become a "new normal" for China, said Hong Hao, chief China strategist at Bank of Communications Co.
The Shanghai Composite Index gained 0.8 percent, to 4,947.10 points, the highest level since January, 2008. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.7 percent, to 5,181.42.
Both indexes were down more than 5 percent at one point during the session.
(Reporting by Samuel Shen and Nathaniel Taplin; Editing by Richard Borsuk)
© Thomson Reuters 2016 All rights reserved.