Mainland markets move to positive territory after broad-based recovery

Stock markets in the Chinese mainland recovered on Wednesday, backed by strong gains in airline, steel, brokerage, insurance and pharmaceutical sectors.

The benchmark Shanghai Composite Index climbed on Wednesday by 14.20 points or 0.60 percent to 2,373.67 points, ending a three-day loosing streak.

The Shenzhen Component Index rose by 58.16 points or 0.71 percent to 8,198.12 points.

Combined turnover on the two bourses on Wednesday was 368.42 billion yuan ($60.14 billion), slightly down from the previous trading day's 371.47 billion yuan.

The gain on Wednesday came after the country's inflation rate in September fell to a five-year low. The National Bureau of Statistic on Wednesday said the consumer price index stood at 1.6 percent in September, compared with 2.0 percent in August.

Airlines were lifted, partly due to recent weak oil prices which will lower their operation costs. Air China Ltd soared by the daily limit of 10 percent to 4.32 yuan and China Eastern Airlines Corp increased by 6.75 percent to 3.32 yuan on Wednesday.

Brokerage companies performed strongly on Tuesday ahead of the launch of Shanghai-Hong Kong Stock Connect scheme scheduled for later this month. The Pacific Securities Co jumped by the daily limit of 10 percent to 7.01 yuan and Changjiang Securities Co advanced 4.04 percent to 6.96 yuan.

Insurance, bank, coal and pharmaceutical stocks also gained strongly on Wednesday. Six pharmaceutical companies including Shandong Lukang Pharmaceutical Co and Jiangsu Sihuan Bioengineering Co jumped by the upward limit of 10 percent.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, gained by 6.50 points or 0.42 percent at 1,545.62 points on Wednesday.