China's shares inched 0.24 percent higher on Wednesday after the market's largest stock Sinopec said it received over $1 billion in compensation from Beijing for oil price restrictions.
But dealers said some investors took profits in other large-cap stocks which had led a technical market rebound this month, such as China's first private lender Minsheng Banking Corp.
The benchmark Shanghai composite index closed at 1,157.034 points, reversing a 0.3 percent decline midway through the day. The key index has gained 4.7 percent since the start of December, buoyed by technical buying and efforts by institutional players to fill their portfolios by year-end.
Sinopec Corp, Asia's largest oil refiner, gained 0.44 percent to close at 4.60 yuan. Minsheng Banking Corp, the second-largest Shanghai-listed lender, closed 1.21 percent lower at 4.08 yuan on profit-taking.
The benchmark index is still down about 9 percent so far this year, hit by factors such as Beijing's economy-cooling steps and an unpopular programme to float $250 billion of non-traded state holdings in listed companies.
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