Mainland markets recover on urbanization prospects

Stock markets on the Chinese mainland on Wednesday bounced back from a multi-week low.

The Shanghai Composite Index inched up by 0.49 percent or 11.34 points to 2,307.89 points on Wednesday. The Shenzhen Component Index edged up by 0.77 percent or 60.75 points to 7,981.82 points.

Combined turnover on the two bourses on Wednesday was 339.20 billion yuan ($55.16 billion), down from Tuesday's 499.36 billion yuan.

On Wednesday, stocks linked to real estate, machinery, pharmaceutical and nonferrous companies gained strongly.

The increases in real estate stocks came after Premier Li Keqiang on Tuesday said at an urbanization meeting that the "new-type urbanization" is important in the economy and 62 experimental sites around the country have been chosen for it.

Shenzhen Fountain Corp and five other real estate companies jumped by the daily limit of 10 percent on Wednesday.

Aviation companies continued their downward trend on Wednesday. Aerospace Hi-Tech Holding Group Co fell by 2.26 percent to 25.91 yuan and China Avic Electronics Co shed 1.43 percent to 24.84 yuan.

The steel sector retreated from the previous trading day's gain, with Baoding Heavy Industry Co declining by 4.16 percent to 10.37 yuan.

ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen, nudged up by 0.41 percent or 5.99 points to 1,479.12 points on Wednesday.