Shanghai shares rise, led by banks, coal mines

Shanghai stocks surged in morning trading as the key Shanghai Composite Index rose 2.07 percent to 2170.69. Midday turnover reached 111.40 billion yuan (US$17.99 billion).

The market rebound was led by lenders. Bank of Communications jumped 9.38 percent to 4.20 yuan. Shanghai Pudong Development Bank climbed 3.62 percent to 9.73 yuan. China Merchants Bank increased 3.91 percent to 10.90 yuan.

Liquor and beer producers also advanced. Tsingtao Brewery was up 2.39 percent to 41.92 yuan. Shanxi Xinghuacun Fen Wine added 1.43 percent to 16.36 yuan.

Coal stocks skyrocketed with Anyuan Coal Industry soaring 10.14 percent to 4.02 yuan and Datong Coal Industry leaping 6.01 percent to 6.17 yuan.