Chinese shares close higher at midday Thursday
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China's equities reversed its early losses at opening and rebounded sharply Thursday in the morning session despite the government's latest moves to further cool down the country's housing market.
The benchmark Shanghai Composite Index lost 0.42 percent to open at 2,599.72 but soon climbed out from the negative territory and jumped 1.46 percent, or 38 points, to finish the morning session at 2,648.68.
The Shenzhen Component Index fell 0.61 percent to open at 11,154.84 and turned around shortly and advanced 163.35 points, or 1.46 percent, to end the morning break at 11,387.21.
The Chinese government Wednesday announced a series of new rules including the suspension of bank loans for third home purchases in the near future in an attempt to check soaring property prices.
Investors interpreted the central government's new moves as no further tightening policies will be adopted in the near future and bought in shares of property companies, lifting the indices from their negative territory.
