Mainland markets advance on gains by military, banking sectors

Stock markets in the Chinese mainland closed higher on Wednesday, backed by gains in the military and banking sectors.

The Shanghai Composite Index gained 0.44 percent or 9.04 points to 2,059.42 points on Wednesday, rising for three consecutive sessions.

The Shenzhen Component Index edged up by 0.18 percent or 12.88 points to 7,310.38 points.

The combined turnover on the two bourses on Wednesday was 221.07 billion yuan ($35.59 billion), up from the previous trading day's 210.41 billion yuan.

Stocks linked to the military industry reported strong gains, with nine stocks soaring by the daily limit of 10 percent on Wednesday. Aerospace Hi-Tech Holding Group Co and Si-chuan Shengfa Aero Science & Technology jumped by the daily limit of 10 percent to 19.55 yuan and 14.86 yuan, respectively.

The banking sector also recovered from the previous day's loss. Bank of China rose by 0.78 percent to 2.58 yuan and Industrial and Commercial Bank of China gained by 0.59 percent to 3.41 yuan on Wednesday.

The coal sector outperformed on Wednesday. Shanxi Coal International Energy Group Co jumped by the daily limit of 10 percent to 3.96 yuan and Datong Coal Industry Co rose by 4.14 percent to 5.79 yuan.

Three new companies went public on Wednesday, all hitting the daily upward limit of 44 percent for new stocks.

Shenzhen-listed Yunnan Hongxiang Yixintang Pharmaceutical Co and Shanghai-listed Zhejiang Shapuaisi Pharmaceutical Co both jumped by 44 percent to 17.57 yuan and 31.46, respectively.

ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen, rose by 0.58 percent or 8.20 points to 1,419.94 points Wednesday, rising for a fifth consecutive day.