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1st LD-Writethru: Chinese shares rebound strongly to regain 3,000-point mark

Xinhua, January 14, 2016 Adjust font size:

Chinese stocks experienced a significant rally led by small-cap stocks on Thursday, recouping its morning loss.

The benchmark Shanghai Composite Index gained 1.97 percent to close at 3,007.65 points. The smaller Shenzhen index gained 3.67 percent to close at 10,344.94 points.

The ChiNext Index, the NASDAQ-style board of growth enterprises, gained 5.59 percent to close at 2,175.01 points.

The ChiNext Index made an impressive comeback after Wednesday's heavy loss, exhibiting more remarkable growth than other indices.

Total turnover on the two bourses stood at 552.3 billion yuan (84.17 billion U.S. dollars).

Winners outnumbered losers by 942 to 42 in Shanghai and 1,508 to 53 in Shenzhen.

Chinese stocks opened lower on Thursday morning, overshadowed by widespread gloom across global equity markets. The ripple effect of the rocky start of this year has left market sentiment fragile.

The Shanghai index opened 2.56 percent lower at 2,874.05 points on Thursday, and remained in negative territory during the morning session before steadily climbing beyond the 3,000-point psychological barrier at closing.

The textile sector ended its previous losing streak and led gains, posting a growth of 7.12 percent. Sub-indexes related to aviation, telecommunications and medical instruments were also among the winners on Thursday.

Chinese stocks swept lower across almost all sectors on Wednesday, as the Shanghai index breached the 3,000-point mark, exhibiting the worst performance since August 2015.

The China Securities Regulatory Commission (CSRC) quickly responded by postponing the immediate stock listing reform on Wednesday night in order to calm the market.

According to the CSRC, it will not carry out stock listing reforms shortly after March 1, which was designed to facilitate stock listing but might hurt investor outlook for the capital market, due to a possible stock supply hike.

On Wednesday evening, China's Shanghai and Shenzhen stock exchanges also said they are closely watching stock sales by big shareholders. Endi