China stocks jump 2.6 percent Thursday

Chinese stocks rebounded sharply on Thursday on speculation that authorities may introduce new measures to bolster the sluggish stock market. The benchmark Shanghai Composite Index rose 2.6 percent, or 52.15 points, to close at 2,056.32, led by heavyweights, including finance and resource stocks. The Shenzhen Component Index rallied 3.57 percent, or 292.9 points, to finish at 8,486.27. Chinese shares closed at their lowest point since February 2009 on Wednesday. The market's poor performance may prompt authorities to take steps to prop it back up, analysts said. Combined turnover expanded to 115.34 billion yuan (18.31 billion U.S. dollars) on Thursday from 78.13 billion yuan the previous trading day. Gainers outnumbered losers by 944 to 27 in Shanghai and by 1,468 to 48 in Shenzhen. Brokerage and bank shares led the rises. Sinolink Securities Co. jumped by the 10-percent daily limit to close at 14.37 yuan per share. Industrial and Commercial Bank of China, the nation's biggest lender, gained 2.47 percent to finish at 3.73 yuan per share. Coal and gold stocks also surged, with both boards climbing about 5 percent. Sichuan Shengda Industrial Co., a mid-sized coal producer, climbed by the 10-percent daily limit to close at 6.15 yuan per share. Zijin Mining Group Co., the country's largest gold producer, rose 1.58 percent to finish at 3.86 yuan.