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Investors were also keeping a close eye on the index futures
market, where traders are generally still betting on more falls
for mainland stocks, which lost about one-third of their value
in the recent month-long rout.
The CSI300 index of the largest listed companies in Shanghai and
Shenzhen rose 0.8 percent, to 3,997.36, while the Shanghai
Composite Index .SSEC gained 0.5 percent, to 3,823.18 points.
Index futures also rebounded sharply after Wednesday's slump,
but many contracts still trade below their underlying indexes.
At the close of session for stocks, for example, the CSI300
futures contracts for August delivery, traded at around 3850
points, nearly 150 points below the CSI300 index. That partly
reflects bearish bets on the market performance over the next
month.
Stock index futures, which offer investors a tool to hedge risks
and make directional bets, are being closely watched by
investors as a gauge of market sentiment.
Volatility was high on Thursday, which some analysts attributed
to Friday being the settlement day for the futures contracts for
July delivery.
Shenzhen's start-up board ChiNext was down over 4 percent at one
point, but erased losses to end the day up 1.2 percent.
The defense sector recovered solidly and there are signs
investors are starting to favor more cyclical sectors such as
transport, real estate and infrastructure.
But the CSI300 bank index lost 1.7 percent.
(Reporting by Samuel Shen and Pete Sweeney; Editing by Richard
Borsuk)
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