Chinese state media seeks to reassure investors after stock rout

China’s stock benchmark halted a three-day rout as the state media sought to reassure investors shaken by Beijing’s regulatory crackdown.

The CSI 300 Index ended 0.2% higher after a volatile session that saw it swing between gains and losses more than a dozen times. The Hang Seng Index was up 1.4% as of 3.59 pm in Hong Kong after falling as much as 1% earlier, which took declines from its recent Feb 17 peak to 20% and put it on course for a bear market.

Chinese state media talked up the market after a wave of selling that had seen nearly US$1.5 trillion ($2.04 trillion) of market value wiped off Hong Kong and mainland shares in the three trading days through Tuesday, according to Bloomberg-compiled data. Investors have dumped stocks in the crosshairs of Beijing’s sweeping regulatory crackdowns, with selling also spreading to bond and currency markets.