Chinese stocks rally 1% Thursday

Chinese shares rebounded more than 1 percent Thursday after three trading days of losses -- with securities traders, non-ferrous metals and cement preforming strongly. The benchmark Shanghai Composite Index rose 25.48 points, or 1.06 percent, to finish at 2,420.28. The Shenzhen Component Index rose 1.16 percent, or 116.26 points, to end at 10,171.13. Combined turnover on the two bourses slightly shrank to 176 billion yuan (27.8 billion U.S. dollars) from 177.05 billion yuan the previous trading day. Gainers outnumbered losers by 856 to 68 in Shanghai and by 1,272 to 116 in Shenzhen. Most sectors posted gains following a wide decline the previous trading day. Non-ferrous metals extended gains. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co., Ltd. jumped 8.1 percent to 58.69 yuan per share; Rising Nonferrous Metals Share Co., Ltd. rose 4.98 percent to 62.99 yuan. Financial stocks rose across the board with Sinolink Securities Co., Ltd. jumping by the daily limit of 10 percent to 12.28 yuan. Banking shares reversed losses and rose across the board. The Industrial and Commercial Bank of China gained 0.23 percent to 4.33 yuan; Bank of China gained 0.33 percent to 3.03 yuan. China Life Insurance Co., Ltd., the country's largest life insurance company, gained 1.37 percent to 17.74 yuan. Entertainment and culture-related stocks were boosted by the government's plan to step up investment for the sector. Shanghai Xinhua Media Co., Ltd. rose 9.97 percent to 6.84 yuan; Time Publishing and Media Co., Ltd. closed at 12.97 yuan, up 4.43 percent. Bucking the trend, shipbuilding shares continued to decline. China CSSC Holding Ltd. fell 0.79 percent to 36.34 yuan per share.