Shanghai index jumps 2.4%

Investor smile in a brokerage in Zhejiang, Hangzhou province, on April 22, 2015. [Asianewsphoto by Long Wei]

Chinese stocks advanced on Wednesday, with the benchmark Shanghai index up 2.4 percent, continuing a seven-year high, led by the brokerage, nuclear electricity and Internet finance sectors.

The Shanghai Composite Index jumped 104.87 points to close at 4,398.49, while the Shenzhen Component Index added 2.2 percent to close at 14,749.13 points.

Brokerages rallied as Haitong Securities and Western Securities jumped by the daily limit of 10 percent. Huatai Securities and CITIC Securities gained 8.5 and 7.8 percent respectively.

Nuclear electricity companies remained bullish, with machinery maker China First Heavy Industries, Shanghai Electric and Zhejiang Zheneng Electric Power Co surging by the daily limit.

Other electricity firms such as Datang International Power Generation Co and SDIC Power Holding advanced 6 and 5.3 percent respectively.

Internet finance also led gains as market information provider East Money and Tonghuashun both jumped 10 percent. Shenzhen Sino Data gained 6.4 percent.

The property sector rebounded with the industrial gauge climbing nearly 4 percent following the central bank's announcement of a 1 percentage point cut on reserve requirement ratio from Monday. Huayuan Property surged 9.1 percent and China National Real Estate Development Group 8.2 percent.

The CSI 300 index closed at 4,739.81 points, up 2.6 percent.