Gains by aerospace, tech stocks help mainland markets reverse downward trend

Stock markets on the Chinese mainland on Wednesday recovered from the two straight days of fall, backed by gains in aerospace and technology firms.

The Shanghai Composite Index nudged up by 0.11 percent or 2.36 points to 2,209.47 points on Wednesday while the Shenzhen Component Index rose by 0.35 percent or 27.10 points to 7,841.07 points.

Combined turnover on the two bourses on Wednesday was a tepid 234.59 billion yuan ($38.18 billion), down from the previous trading day's 297.44 billion yuan, ahead of the third batch of IPOs set to start on Thursday.

The aerospace and aviation sector saw a strong gain of 3.57 percent on Wednesday. AVIC Aero-Engine Controls Co and Xi'an Aero-Engine Plc soared by the daily limit of 10 percent to 14.81 yuan and 28.37 yuan, respectively. The sector was boosted by the news that the first large commercial passenger jet designed and built in China, the C919, has entered the final assembly phase.

IT firms also supported the market with Beijing BDStar Navigation Co surging 10 percent to 47.36 yuan.

Stocks linked to paper-making pocketed handsome gains, up almost 2 percent. Shandong Sun Paper Industry Joint Stock Co jumped by 10 percent to 4.25 yuan.

The previous day's decline for media stocks continued on Wednesday. Zhejiang Daily Media Group Co dropped by 6.00 percent to 18.64 yuan and Shanghai Xinhua Media Co shed 3.86 percent to 11.45 yuan.

ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen, ended up by 0.67 percent or 9.39 points to 1,420.54 points on Wednesday.