European shares rebounded on Thursday, with investors seeing value in some sectors after steep falls in the previous day, although growing concerns about Greece exiting the euro zone capped gains and equities remained vulnerable to more sell-offs.

MAJOR EUROPEAN INDEXES

GB;FTSE

5317.22

50.81

+0.96%

17,565,788

CAC40-FR

3028.63

25.36

+0.84%

5,931,691

DAX-XE

6333.22

47.47

+0.76%

3,117,467

An informal summit of European Union leaders   shed no new light on how they intended to tackle the debt crisis.

"Long term investors are absent and the market is currently being driven by traders who have a short-term investment horizon and look for bargains," said Koen De Leus, strategist at KBC Securities, in Brussels.

"The market remains vulnerable as we still don't have any concrete proposal on the table to resolve the debt crisis. People are looking for signs that politicians are going to act, but that feeling did not emerge from yesterday's EU meeting."

The sectors, which were hammered during the previous session's market rout, emerged as winners on Thursday, with banks [ .SX7P    124.75       1.56    ( +1.27% )    ] , basic resources [ .SXPP    409.56       5.35    ( +1.32% )    ] and oils [ .SXEP    308.60       2.91   ( +0.95% )    ] climbing 1.1 to 1.4 percent.

The FTSEurofirst 300