China's main stock index fell to a 14-month closing low on Wednesday but ended

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off the day's low after reaching chart support and as brokerage shares gained on a rumour that authorities might soon introduce margin trade.

The Shanghai Composite Index (SSEC) closed down 1.57 per cent at 3,024.240 points. It hit a morning low of 2,992.351, just off major technical support on its April 22 intra-day low of 2,990 points.

On Tuesday, the index had tumbled 7.73 per cent in its biggest drop since June last year after a harsher-than-expected tightening of monetary policy. Losing Shanghai stocks outnumbered gainers by 703 to 208 on Wednesday in very thin trade.

The government intervened to support the market in April by cutting the stock trading tax, so many investors see a good chance of another rescue attempt -- perhaps the long-delayed introduction of margin trade and securities lending which would benefit brokerages and could draw some buyers back to the market($1 = 6.92 Yuan).