Chinese shares higher in morning trade

Chinese share prices were higher in Wednesday morning trade after several index heavyweights including two of the nation's top lenders reported strong 2007 annual results, dealers said.

They said banks were favoured after Industrial and Commercial Bank of China, the country's largest bank, said its 2007 net profit grew 65.5 percent from the previous year.

Bank of China, another major state-run bank, said its 2007 net profit jumped 31.3 percent, even as it made a 1.3-billion-dollar allowance for its subprime-related securities.

Shares of Bank of China and Industrial and Commercial Bank of China will start trading at 0230 GMT after a one-hour suspension.

The benchmark Shanghai Composite Index, which covers both A and B shares, was up 42.65 points or 1.17 percent at 3672.27.

The Shanghai A-share Index gained 44.75 points or 1.18 percent to 3,852.98 points, while the Shenzhen A-share index rose 23.54 points or 1.95 percent to 1,233.34.

(Agencies)