China's shares dip almost 3 pct after rate hike

Newswire

SHANGHAI, Oct 29 (Reuters) - China's shares slid nearly 3 percent in early trade on Friday after Beijing raised interest rates for the first time in nine years, but traders expected the market to recover swiftly from a long-anticipated move. The Shanghai composite index fell 2.81 percent to 1,304.067 in the first few minutes of trade. Market watchers had foreseen stock losses in industries such as property, steel, autos and cement -- the same sectors to which Beijing had restricted ...

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