Chinese shares rise 1.36 percent in morning trade

Chinese share prices ended Tuesday morning trade up 1.36 percent led by a rebound in financials after Bank of China posted favourable first-quarter net profits, dealers said.

They said the strong performance in bank stocks lifted market sentiment, as Bank of China jumped nearly three percent on first-quarter net profits that rose 85 percent year-on-year.

PetroChina, the biggest index component, rose 1.48 percent to 17.09 yuan even though it announced first quarter net profits slid 28.6 percent due to higher costs of oil imports.

The benchmark Shanghai Composite Index, which covers A and B shares, was up 47.41 points to 3,522.13. The stock market had fallen 2.33 percent on Monday.

The Shanghai A-share index gained 49.80 points or 1.37 percent to 3,695.38 points, while the Shenzhen A-share index advanced 12.72 points or 1.16 percent to 1,109.08.

Energy stocks were also strong after Yanzhou Coal Mining reported near 113 percent growth in first quarter net profit. The coal miner soared 7.75 percent in morning trade after hitting the ten percent daily limit earlier.

(Agencies)