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Chinese shares surge 3.78% in morning trade
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13:40, April 02, 2008

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Chinese shares went up 3.78 percent on Wednesday morning trade as heavy weight stocks respond to a Wall Street rally.

The benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 3,455 points, up 3.78 percent, after more than 200 stocks falling by their daily limit of 10 percent on Tuesday.

Strong bank shares led the rebound, with China Life rose to the daily ceiling of ten percent to close at 30.78 yuan (about 4.34 U.S. dollars) in the morning session.

Other heavy weights such as the Industrial and Commercial Bank of China and PetroChina also contributed to the rise of the benchmark index, which rose 6 and 3.09 percent to 6.36 and 17.35 yuan respectively.

The Dow Jones Industrial Average closed up 3.19 percent to 12,654.36 points on Tuesday.

The Shenzhen Component Index on the Shenzhen Stock Exchange concluded the morning trade at 12,800 points, up 2.72 percent, over the previous trading day.

Combined turnover on the two bourses reached 70.21 billion yuan in Wednesday morning.


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