UPDATE 1-China's shares slide after rate hike but banks shine

Newswire

(Adds latest market action, specific stock moves) SHANGHAI, Oct 29 (Reuters) - China's shares slid nearly 3 percent early on Friday after Beijing raised interest rates for the first time in nine years, but recovered swiftly from the long-anticipated move on the back of a rally among bank counters. The Shanghai composite index fell 2.81 percent to 1,304.067 in the first few minutes of trade. By 0159 GMT the market had recovered to trade down 1.45 percent at 1,322.302. Heavy losses ...

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