Chinese shares higher in morning trade

Chinese share prices were higher on Wednesday morning trade led by commercial banks following strong quarterly earnings posted by major lenders, dealers said.

They said investor confidence was further strengthened by the Industrial and Commercial Bank of China, the country's largest lender, which gained over two percent after reporting that its first-quarter net profit rose 77 percent.

Bank of Communications also edged up over two percent after it said that its first-quarter earnings rose 108 percent.

The benchmark Shanghai Composite Index, which covers A and B shares, was up 78.88 points or 2.24 percent to 3,602.29 at 10:16 am (0216 GMT).

The Shanghai A-share index added 82.93 points or 2.24 percent to 3,779.67 points, while the Shenzhen A-share index rose 15.80 points or 1.43 percent to 1,123.91.

(Agencies)