SHANGHAI, China - Chinese stocks fell back again Thursday, unable to maintain the previous day's rebound amid profit-taking and weak performances in other Asian markets.

Pledges by Premier Wen Jiabao to ensure financial stability while working to better balance growth and trade appeared to do little to assuage worries that authorities will move to cool the markets, which more than doubled in value last year.

"The foundation for the stable operation of the stock market is still not firm," Wen said in an article published in the Communist Party magazine Qiushi, or "Seeking Truth."

The benchmark Shanghai Composite Index lost 2.9 percent to 2,797.19. The smaller Shenzhen Composite Index fell 2.3 percent to 719.90.

On Tuesday, the Shanghai index tumbled nearly 9 percent - triggering a sell-off in global markets - before rebounding almost 4 percent Wednesday.

Analysts said investors were now taking their cues from the lingering malaise in other regional markets.

"The Hong Kong market and other markets around the world are still affecting local shares. It is a vicious circle and it's really hard to tell which market is the main cause," said Zhu Haibin, an analyst at Everbright Securities.

In Hong Kong, the key Hang Seng Index fell 1.6 percent Thursday to 19,346.60. Hong Kong's H-share index, which measures mainland Chinese-registered companies with shares traded in Hong Kong, slipped 2.9 percent.

"The H shares have been falling for four days and the declining trend is quite obvious," said Peng Yunliang, an analyst at Shanghai Securities Co. in Shanghai, noting a trend toward closer links between the performance of Hong Kong-traded and domestically traded shares.

Ping An Insurance soared 38.4 percent in its market debut to 46.79 yuan on strong demand for new shares, but other financials declined as funds shifted to the insurer.

ICBC, China's biggest lender by assets, fell 2.75 percent to 4.75 yuan and China Life Insurance fell 5 percent to 34.00 yuan.

"The market seems to have peaked early in the week and will likely move downward in the near term for consolidation," said Kang Haoping, an analyst at Jutian Securities.