China's stock freefall stabilised, but much-needed turnaround not achieved

Shares bounced more than 10% after more than 20 major institutions pledged to spend 120bn yaun, but small investors' panic slashed figure to final gain of 2.4%

China's stock market collapse, which has knocked almost a third off share values since June, appeared to have been stemmed on Monday after Beijing authorities orchestrated a massive spending spree by Chinese financial institutions to bolster the market.

The Shanghai Composite Index initially bounced more than 10%, after more than 20 major stockbrokers and fund managers pledged to pump at least 120bn yuan (12.3bn) into the market and started hoovering up shares in some of the country's largest businesses.

There will be some fluctuation, but more money put into the market - I think it will be helpful to keep it steady