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Chinese shares end 0.94% higher at midday

(Xinhua)
Updated: 2009-07-15 13:41

Chinese shares close higher at the end of Wednesday's morning session with the benchmark Shanghai Composite Index up 0.94 percent, or 29.7 points, to 3,174.86.

The Shenzhen Component Index gained 0.32 percent, or 42.07 points, to 13,033.13.

Related readings:  IPO frenzy triggers hikes in interbank repo rates  Chinese shares hit 13-month high, driven by strong optimism  Chinese shares end lower on Monday

Auto shares led the gain after Chinese government unveiled details Tuesday night on subsidy program for auto replacement, a fresh measure to stimulate private spending and curb pollution.

Automobiles to be replaced should be light truck and mid-sized taxi with less then eight year in use, and mid and small-sized truck and mid-sized passenger car with less than 12 years of use. Consumers would get rebates from 3,000 yuan ($439.03) to 6,000 yuan.

Shanghai Jiao Yun Co rose 7.57 percent to 7.39 yuan. Chongqing DiMa Industry Co advanced 6.27 percent to 6.10 yuan.

Statistics from Wind Info, a leading local financial data provider, showed Wednesday that 267 listed companies forecast profits in the first half year because of improving performance on stimulus packages unveiled in November to boost the country's economic growth. The figure is 34.7 percent of the 769 listed companies which had released their mid-year forecast as of July 14.