Chinese share prices higher in morning trade

2007-12-26 21:20:54 AFP

SHANGHAI, Dec 27, 2007 (AFP) - Chinese share prices rose 1.00 percent in Thursday morning trade, with telecom stocks in focus after Beijing urged regulators to speed up the launch of new network technology, dealers said.

China's State Council -- or cabinet -- said in a statement that third-generation (3G) mobile networks were "ready" for commercialisation and that regulators must accelerate their launch.

Qian Xiangjing, an analyst at Citic Kinton Securities, said that "market sentiment remained positive in the last trading days this year with telecom stocks" spurred by the news about 3G.

Dealers added that large property developers and banks rebounded after recent weakness as investors sought to tidy up their portfolios at year end.

The benchmark Shanghai Composite Index ended the morning up 52.53 points at 5,285.89.

The Shanghai A-share Index rose 55.11 points or 1.00 percent to 5,547.06. The Shenzhen A-share Index was up 20.15 points or 1.34 percent at 1,526.56.