Lenders, energy companies boost mainland markets

Stock markets in the Chinese mainland recovered on Wednesday, backed by the banking and oil sectors.

The benchmark Shanghai Composite Index gained by 23.49 points or 1.11 percent to 2,142.55 points on Wednesday.

The Shenzhen Component Index was up by 121.47 points or 1.55 percent to 7,953.94 points.

Combined turnover on the two bourses on Wednesday was 304.9 billion yuan ($50.17 billion), down from Tuesday's 318.53 billion yuan.

Banks and oil companies led the gains in the market on Wednesday.

Bank of Beijing Co signed a deal on Wednesday to collaborate with smartphone maker Xiaomi Inc on mobile transactions and sales of financial products, boosting the bank's shares by the daily limit of 10 percent to 7.95 yuan.

China CITIC Bank Corp jumped by the daily limit of 10 percent to 5.16 yuan on Wednesday. The overall banking sector was up 2.40 percent. Investors are keeping an eye on sectors likely to benefit from policy announcements by the National People's Congress and the Chinese People's Political Consultative Conference - the two sessions - which are scheduled to be held in early March in Beijing.

Shares linked to national security and energy reform outperformed on Wednesday.

Three energy stocks, including Sinopec Shanghai Petrochemical Co, soared by the daily limit of 10 percent on Wednesday while the overall oil sector rose by 2 percent.

Meanwhile, recently listed companies, which saw a strong rally after the Spring Festival holidays, fell back. Zhejiang Wolwo Bio-Pharmaceutical Co slid by 6.75 percent on Wednesday to 47.50 yuan after gaining more than 70 percent since its IPO a month ago.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, inched down by 0.94 points or 0.06 percent to 1,544.40 points on Wednesday.