Stock market recovers after slide

SHANGHAI: A flood of capital from three initial public offering refunds and new subscriptions to seven mutual funds combined to push the lead indicator up 2.18 percent yesterday, after dropping a combined 3.4 percent the previous two days.

The benchmark Shanghai Composite Index climbed 105.61 points to close at 4941.78, with 797 out of 910 stocks closing higher. The Shenzhen Component Index rose 1.95 percent to close at 16387.01.

Turnover on the two bourses amounted to 124.88 billion yuan, up 31.4 percent from Tuesday.