China Shares Sharply Higher in Early Trade, Banks Rebound

China shares were sharply higher in early trade amid a recovery in global markets after the US Federal Reserve cut its discount rate lst week, dealers said.

At 9.43 am, the benchmark Shanghai Composite Index was up 108.00 points or 2.32 pct at 4,793.71, after opening up 117.26 points.

Large cap financial stocks led today's advance after they were hit hard on Friday by a steep decline on the Hong Kong market.

China's Industrial Bank Co Ltd, in which Hong Kong's Hang Seng Bank holds a 12.78 pct stake, added 2.34 yuan to 49.13, after it said that its its interim profit surged over 108 pct year-on-year to 3.64 bln yuan and its board has approved the issuance of up to 50 bln yuan worth of bonds.

The nation's largest bank, Industrial and Commercial Bank of China rose 0.23 yuan to 6.69.