Chinese shares jump 3.77 percent in morning trade

Chinese share prices ended Wednesday morning trade up 3.77 percent led by financials 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 three percent after reporting that its first-quarter net profit rose 77 percent.

Bank of Communications gained 2.77 percent to 10.77 yuan after first-quarter net profit rose 108 percent.

Ping An Insurance Group advanced 6.07 percent to 69.00 yuan after it posted first-quarter net profit up 26.2 percent year-on-year.

The benchmark Shanghai Composite Index, which covers A and B shares, was up 132.94 points to 3,656.35.

Money also flooded into the oil refining sector amid speculation the government may cut a special oil levy.

PetroChina, the biggest index component, added 5.69 percent to 18.03 yuan, while Sinopec rose by the 10 percent daily limit to 12.56 yuan.

The Shanghai A-share index gained 139.89 points or 3.78 percent to 3,836.63 points, while the Shenzhen A-share index advanced 30.08 points or 2.71 percent to 1,138.19.

(Agencies)