Chinese shares stabilize on Thursday morning after slide

After a hard tumbling on Wednesday, the mainland stock markets stabilized on Thursday morning with all three major boards edging up, though not by a large margin.

By 11:30 am, the Shanghai Composite Index rose by 0.29 percent to 3,264.19 points, the Shenzhen Component Index up by 0.37 percent 12,909 points, while the ChiNext rose by 0.24 percent to 2,529.35 points.

More than 900 stocks edged up on Thursday morning, with 21 companies seeing shares rise by their daily trading limit.

Wine, insurance and water proof materials are among the sectors that surged the highest on Thursday morning.

In particular, shares related to SMIC rose by 0.55 percent by 10:31 am. Shares of Naura, a supplier of SMIC, rose by 3.03 percent by 10:34 am.

The US has reportedly threatened to take action against SMIC. Zhao Lijian, spokesperson of the Chinese Foreign Ministry, said recently during a press conference that the US is using "naked hegemony" to take restrictive, ungrounded measures against Chinese companies.

On Wednesday, mainland stocks had tumbled, with the Shanghai market falling by 1.86 percent and the Shenzhen market down 3.25 percent. Some experts have attributed the fall to the overnight plunge on the US stock markets, which they said triggered a fall in global markets as well.