SHANGHAI, Nov 24 (Reuters) - China's key stock index closed up 1.1 percent on Wednesday, with large-cap financials and commodity stocks offsetting a plunge in Industrial and Commercial Bank of China's shares as it resumed trading after being suspended for over a week.
ICBC, the second biggest weight in the Shanghai index, had suspended its shares since Nov. 16 as it completed its nearly $7 billion rights issue.
Its 10 percent fall on Wednesday, the maximum allowed in a single day, was effectively catching up with the broader market's fall over the past week on worries about the impact of monetary tightening.
The Shanghai Composite Index closed at 2,859.9, after a choppy session that saw the index fall 1.2 percent at the open.
Analysts said the market was due for a rebound after falling around 9 percent in the past two weeks. They cited the 250-day moving average, now at 2,885, as a reasonable point for the index to rebound to, given excessive recent falls. (Reporting by Farah Master; Editing by Jason Subler)