Chinese shares surge to close up 4.82 percent

Chinese share prices surged to close up 4.82 percent on Wednesday as strong quarterly earnings by major banks triggered a significant rebound among heavyweight stocks, dealers said.

The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, gained 4.82 percent, or 169.70 points, to 3,693.11 at 3pm.

Gainers in the Shanghai market outnumbered losers 771 to 18 while one stock did not change.

The Shenzhen Composite Index, which tracks the smaller domestic stock exchange, was up 3.97 percent, or 41.96 points, to 1,097.76.

The Shanghai A-share Index was up 178.48 points or 4.83 percent to 3,875.22 on turnover of 155.9 billion yuan. The Shenzhen A-share Index added 44.44 points or 4.01 percent to 1,152.55 on turnover of 62.8 billion yuan.

(Agencies)