SHANGHAI, Oct 22 (Reuters) - China stocks rebounded more than 1 percent on Thursday, with the previous session’s roughly 3 percent slide seen as creating a buying opportunity for some investors who missed the recent rebound.
Both the blue-chip CSI300 index and the Shanghai Composite Index advanced 1.5 percent, to 3,524.53 and 3,368.74 points, respectively.
Investors unnerved by recent weak economic data got some solace on Wednesday from President Xi Jinping, who said during his state visit to Britain “there will be no hard landing” in China, whose economy “will maintain its strong momentum”.
Wednesday’s slump was the result of profit-taking after a more than 30 percent rally since mid-September, but the depth and duration of the correction could be limited, according to Bosera Asset Management.
“Investors can still hunt for stocks that are likely to benefit from China’s economic restructuring,” the Shenzhen-based fund manager said in an email.
Nearly all sectors ended Thursday firmer, though the banking sub-index - which on Wednesday helped ease the market’s slide - lost 1.5 percent.
Shenzhen’s start-up board ChiNext jumped 4.7 percent, recovering much of Wednesday’s 6 percent tumble.
Shares of major Chinese carriers including Air China and Southern Airlines jumped on merger expectations. (Reporting by Samuel Shen and Pete Sweeney; Editing by Jacqueline Wong)