Markets see rise after four-day drop

Stock markets in the Chinese mainland saw a slight recovery on Wednesday, after four consecutive days of decline.

The benchmark Shanghai Composite Index inched up by 7.04 points or 0.35 percent to 2,041.25 points on Wednesday. The Shenzhen Component Index was up by 15.67 points or 0.21 percent to 7,319.61 points.

Both stock exchanges had declined for four consecutive trading days until Wednesday, with Shanghai falling by 5.06 percent and Shenzhen by 6.75 percent during the period.

Combined turnover on the two bourses on Wednesday was 239.71 billion yuan ($39.11 billion), decreasing from Tuesday's 333.5 billion yuan.

The Beijing Municipal Commission of Economy and Information Technology released on Wednesday a list of companies and products chosen as part of a government program to encourage the use of new-energy cars, according to Xinhua News Agency. Electric car maker BYD's E6 was included on the list.

Beijing's approval followed a similar move by Shanghai. The Shanghai government on Tuesday selected BYD's Qin model, a plug-in electric vehicle, for the city's new-energy car initiative, Xinhua reported.

Shares in the Warren Buffet-backed company soared by the daily limit of 10 percent on Wednesday.

Other stocks related to electric cars were also boosted after the Beijing government said the city will build 1,000 charging stations in 2014. Auto parts makers Wang-xiang Qianchao Co and FSPG High-tech Co jumped by the daily limit of 10 percent to 10.44 yuan and 4.69 yuan, respectively.

Analysts said the recent decline in the yuan's valuation against the dollar would encourage Chinese investors to buy more gold, boosting the gold sector. The most active gold contract for April delivery rose in New York to $1,343.60 early this week, the highest since October 30. Shandong Gold Mining Co rose by the daily limit of 10 percent to 18.24 yuan.

Shares linked to oil reform also outperformed on Wednesday, led by Sinopec.