China shares higher in morning trade

SHANGHAI: Chinese shares rose 0.71 percent in early trade on Wednesday led by resources stocks tracking higher commodity prices overnight, dealers said. The Shanghai Composite Index, which covers both A and B shares, was up 21.16 points at 2,988.57. The Shanghai A-share index added 0.71 percent, or 22.19 points, to 3,129.34, while the Shenzhen A-share index lost 0.03 percent, or 0.42 points, at 1,324.95. Analysts said the central bank's latest interest rate hike at the end of a holiday weekend may have limited impact on the market as the move was largely in line with expectations. China's central bank said Tuesday it would raise one-year deposit and lending rates by 25 basis points in its latest effort to curb rampant lending and bring inflation under control.