Stocks rise on speculation of government support steps

China's stocks rose on Wednesday for the third time in four days as speculation that the government will introduce measures to bolster equities overshadowed concerns that the country's slowing economy will hurt profits.

Aluminum Corp of China Ltd, whose parent company took over rare earth companies, jumped 10 percent after China Central Television reported the government will increase penalties for excess rare earth production and encourage the formation of large producers.

China Cosco Holdings Co gained 2.9 percent after a measure of shipping rates advanced. PetroChina Co fell 1.1 percent after Mirae Asset Securities Co said the oil producer may post a "disappointing" decline in net income.