Chinese stocks pare losses as state media try to stem panic

The wobbly trade in Chinese markets came as state-owned securities newspaper urged calm on Wednesday and talked up markets.

Chinese shares fell on Wednesday but trimmed earlier losses amid volatile trade as state-run financial media called for calm following a wild rout triggered by investor concerns about tightening government regulation. The Shanghai Composite Index fell as much as 2 percent before finishing the morning session down 0.59 percent. The blue-chip CSI300 index clawed back some of its losses to end the morning flat, but was still down more than 6.6 percent for the week. In Hong Kong, the benchmark Hang Seng Index flitted between gains and losses to fall 0.24 percent at midday after plunging an eight-month closing low a day earlier. The Hang Seng China Enterprises Index was up 0.38 percent.