China stocks end a see-saw day lower after MSCI disappointment
By Samuel Shen and Pete Sweeney
SHANGHAI, June 10 (Reuters) - China stocks ended a volatile Wednesday session slightly lower, as investor disillusionment over MSCI's decision not to put mainland stocks in its global index and a coming tidal wave of listings dampened interest.
The CSI300 index ended the day 0.2 percent lower, at 5,309.11, while the Shanghai Composite Index lost 0.1 percent, to 5,106.04 points.
U.S. index publisher MSCI Inc said it would hold off including China-listed shares into its emerging market index due to quota, liquidity and ownership issues, but will work with Chinese regulators toward an eventual inclusion.
The news triggered an early-morning sell-off, knocking the main indexes down more than 2 percent, but the mood of disillusionment eased, as investors bet Beijing would accelerate deregulation of the stock market.
"The expectation is still there," said Wu Kan, head of equity trading at investment firm Shanshan Finance in Shanghai.
"The inclusion is only delayed, not scrapped. Further opening of the stock market is irreversible."
Stocks in Shenzhen bounced sharply , with the city's growth board ChiNext up 3.5 percent.
The rebound, partly technical, was also driven by expectation that Beijing would accelerate reforms to allow easier foreign access to Shenzhen stocks. Continuación...