Chinese shares rebounded 2.34 percent this morning, after major companies denied refinancing rumors that had led to market slump in previous trading days.
The benchmark Shanghai Composite Index rose 2.34 percent to 4,337.44 points, while the Shenzhen Component Index was up 2.16 percent to close at 15,660.09 points in the morning session.
Banking stocks led the rise, with China Merchants Bank surging 5.47 percent to 32.02 yuan (about 4.45 U.S. dollars), although analysts had anticipated price fall after its 2.5 billion shares came out of lockup today.
The stock market continued the rebound starting from Tuesday late afternoon session.
The China Securities Regulatory Commission (CSRC)'s overnight call on Monday for more cautious refinancing moves helped ease investor concern over liquidity problems, puffed up by earlier unverified refinancing information of major companies such as China Life and China Unicom's parent company.
Source:Xinhua
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