Chinese shares up 2.84 percent

Chinese share prices rose 2.84 percent by midday Wednesday as investors seized on the momentum started by a financial stocks rally in the previous session, dealers said.

Financials and property developers remained strong after sharp gains on Tuesday, while selling pressure on heavyweight oil majors eased after two consecutive days of losses, traders said.

Agriculture-related stocks also surged on expectations of strong earnings due to rising food prices. Yuan Longping High-Tech Agriculture, the country's leading agriculture company, rose by the 10 percent daily limit to 29.14 yuan.

But analysts warned rising oil prices and continued weakness on Wall Street may limit overall sentiment, and said the sharp gains would not be sustained without concrete policy measures from the government.

"The market is unlikely to hold much (of the) gains without significant market boosting events," Wu Ang at Citic Securities told Dow Jones Newswires.

The benchmark Shanghai Composite Index, which covers both A and B shares, advanced 79.62 points to end the morning at 2,882.63.

The Shanghai A-share index was up 83.36 points, or 2.83 percent, to 3,023.96 points, while the Shenzhen A-share index added 32.66 points, or 3.89 percent, to 871.49.

(Agencies)