China shares surge 5.89% by midday
Posted: 20 August 2008 1309 hrs

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SHANGHAI: Chinese share prices surged 5.89 per cent by midday Wednesday amid speculation that the authorities will soon launch new measures to boost the ailing stock market, dealers said.

The benchmark Shanghai Composite Index, which covers A and B shares, was up 138.17 points, or 5.89 per cent, at 2,482.64. It had fallen around 60 per cent from its peak last October ahead of Wednesday's rally.

The Shanghai A-share index added 144.91 points, or 5.89 per cent, at 2,605.95 points, while the Shenzhen A-share index rose 42.01 points, or 6.02 per cent, to 739.29.

- AFP/yb