Stocks rally 5.3% on mainland

Stocks on the Chinese mainland rebounded sharply on Thursday, gaining 5.34 percent and halting the benchmark Shanghai Composite Index's steepest five-day rout since 1996.

The massive rally took place in the final 45 minutes of daily trading, with the index closing at 3,083.59 points, above the psychologically important level of 3,000.

It was the biggest one-day jump in percentage since July 10, trimming the index's loss for the week to 12 percent. The Shenzhen Component Index, which tracks small-cap stocks, surged by 3.58 percent.