Stocks bounce back from weak opening

Stock markets in Shanghai and Shenzhen recorded respectable advances Wednesday as securities, real estate and coal shares rallied.

The Shanghai Composite Index tacked on 21.40 points, or 1.07 percent, to close at 2,030.32; while the Shenzhen Component Index crept up 1.22 percent, or 98.05 points, to end at 8,150.84.

Both markets spiked briefly after the morning bell, but contractions in the heavily weighted brewing and non-ferrous metal sectors quickly reeled the indices back below par. The declines persisted into the afternoon session, with the Shanghai Composite touching down at an intra-day low of 1,995.17. By the late afternoon, both indices were able to regain their footing and climb higher as distillers recovered and financial shares gained.

After several days of sharp rises thanks to the government's promise to focus on safeguarding the environment under its "Beautiful China" initiative, environmental protection stocks declined roundly Wednesday as overbought concerns surfaced.

Shen Danyang, a spokesperson from the Ministry of Commerce, said Tuesday that China would endeavor to maintain steady foreign trade growth. According to analysts, Shen's statements helped boost investor confidence Wednesday.

Listed developers largely outperformed. Shanghai Industrial Development Co climbed to the daily limit to close at 7.49 yuan ($1.20).

Coal stocks also did well after coal imports jumped to 217 million tons in the first 10 months, signaling a strong demand.