Property sector leads rebound in mainland stock exchanges

Stock markets in the Chinese mainland recovered on Thursday, led by the property sector.

The benchmark Shanghai Composite Index inched up by 6.49 points or 0.32 percent to 2,059.58 points on Thursday. The Shenzhen Component Index was up by 53.90 points or 0.74 percent to 7,352.03 points.

Combined turnover on the two bourses on Thursday was 222.26 billion yuan ($36.35 billion), up from Wednesday's 219.92 billion yuan.

China Vanke Co, China's largest real estate developer by sales, led the strong gain in the property sector, jumping by 8.28 percent to 7.32 yuan on Thursday.

Vanke's net profit in 2013 rose by 20.5 percent year-on-year, the company announced Thursday.

The overall property sector rose by 3.50 percent on Thursday, with four developers including Chongqing Yukaifa Co soaring by the daily limit of 10 percent.

Banks and oil companies, which led the fall in the previous trading session, rebounded on Thursday. Minsheng Bank rose by 2.79 percent to 7.5 yuan and Sinopec climbed by 2.35 yuan to 5.22 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, closed down by 2.05 points or 0.14 percent at 1,462.53 points on Thursday.