BEIJING -- China's stocks posted a sharp rise on Wednesday on speculation of more financial support from the government to shore up the bearish market.

Financial shares and property developers gained and led the rise.

The Shanghai Composite Index recorded the biggest daily rally since the start of the year. The index advanced 3.04 percent, or 71.48 points, to close at 2,420 points.

The Shenzhen Component Index also rose 3.58 percent, or 360.46 points, to finish at 10,425.93.

Combined turnover sharply increased to 152.7 billion yuan ($24 billion) from 112.43 billion yuan the previous trading day.