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The benchmark Shanghai Composite Index, covering both yuan-denominated A shares and hard-currency B shares, rose 1.23 percent to 2,831.53. Trading value fell 29.7 percent to 74.93 billion yuan (US$9.6 billion).

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"We believe that the general market for this year is still bullish," said Zhang Li, an analyst with Huatai Securities. "Any unfavorable market speculation could just be a catalyst, whereas the fundamental reason is investors are still plagued by concerns that the market might be falsely inflated."

Zhang also said an increase in capital flow has become obvious.

"We've found that many low-priced stocks have gained substantially as they have become a new focus of investment," Zhang said. "Many investors have withdrawn capital from high-priced shares on profit taking to seek opportunities in low-priced stock."

Huatai statistics showed that of the 193 stocks (excluding special-treatment shares) which surged to the daily 10 percent cap on Wednesday on the country's two bourses, more than 75 percent were cheaper than eight yuan.

Chen Qun, an analyst with West China Securities, holds a similar opinion.

"Investors prefer to withdraw their money from the market whenever they have made substantial gains, but nowadays it seems that more of them tend to remain for a longer time through shifting backwards and forwards between expensive and cheap stocks."

China Vanke Co led an advance by shares that had fallen the most, lifting 2.7 percent to 14.39 yuan.

(For more biz stories, please visit Industry Updates)