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Chinese shares advance in morning session after US rate cut

(Xinhua)
Updated: 2008-12-17 14:12

China's equities rose 1.26 percent in morning session on Wednesday, tracking gains on regional markets and an overnight rally on Wall Street after the Federal Reserve axed its benchmark interest rate to a record low.

The benchmark Shanghai Composite Index opened 0.45 percent higher at 1983.84. It then crept up to as high as 2,003.38, and ended the morning session at 1,999.93, up 24.92 points, or 1.26 percent.

Shenzhen Component Index on the smaller Shenzhen Stock Exchange closed 1.52 percent higher to 7,360.23.

Gains outnumbered losses by 835 to 32 in Shanghai and 707 to 34 in Shenzhen.

The US Federal Reserve slashed the benchmark interest rate to the range of zero to 0.25 percent, down from the 1 percent target rate.

Boosted by the news, the Dow Jones Industrial Average soared 4.2 percent, or 359.61 points, to 8,924.14. The Standard & Poor's 500 index hiked 44.61 to 913.18 and the Nasdaq added 81.55 to 1,589.89.