China stocks rebound Thursday after presidential appointment

China's stocks rebounded slightly on Thursday after five days of declines, partly due to the election of the country's new president. The benchmark Shanghai Composite Index gained 0.28 percent, or 6.31 points, to end at 2,270.28. The Shenzhen Component Index rebounded 0.16 percent, or 14.03 points, to 9,087.25. Combined turnover shrank to 130.42 billion yuan (20.97 billion U.S. dollars) from 147.96 billion yuan on the previous trading day. Gainers outnumbered losers by 517 to 385 in Shanghai and by 795 to 639 in Shenzhen. Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, was elected president of the People's Republic of China (PRC) and chairman of the PRC Central Military Commission (CMC) on Thursday. Analysts expect a steady rebound in stocks resulting from confidence in the country's political and economic development. Shanghai Potevio Co., Ltd. and Ningbo Bird Co., Ltd., both producers of communication devices, led the rebound by rising by the daily 10-percent limit. The coal sector also performed well, with Yanzhou Coal Mining Co., Ltd. surging by the 10-percent limit to 19.46 yuan per share. The brewing industry bucked the trend and led the losses by 2.37 percent, with shares of six companies dropping by over 3 percent.