Developers, brokerages lead gain in equities

SHANGHAI - China's stocks rose for the first time in four days as developers and brokerages gained on speculation recent losses were excessive, overshadowing declines among lenders.

The Shanghai Composite Index added 3.14, or 0.1 percent, to close at 2571.42, erasing a 1.8 percent loss. The gauge has dropped 22 percent this year on concern growth in the world's third-largest economy will slow as the government took steps to curb property speculation and Europe's debt crisis threatened export demand. The CSI 300 Index rose 0.5 percent to 2757.53.

"The market may have formed a bottom provided the government doesn't add more tightening measures," said Zheng Tuo, president of Shanghai Good Hope Equity Investment Management Co.