China shares surge on upbeat data

Chinese shares surged in Monday's morning session, lifted by upbeat industrial economic data.

The benchmark Shanghai Composite Index jumped 2.07 percent, or 44.07 points, to finish at 2,170.69 points at the end of the morning.

The Shenzhen Component Index moved up 2.59 percent, or 196.16 points, to close at 7,774.28 points.

The performance can be mainly attributed to an improving economy.

Profits earned by industrial firms rose 17.9 percent in June from a year earlier, compared with an 8.9-percent rise in May, said the National Bureau of Statistics (NBS) on Sunday.

The rising industrial profits added to evidence that the worst of the slowdown that hit China's economy during the first quarter is over thanks to a series of targeted stimulus measures.

On July 16, the NBS revealed that China's economic growth rebounded to 7.5 percent in the second quarter, showing resilience after a gloomy Jan.-March period.

The financial and securities sector led the surge, with Bank of Communications climbing 9.38 percent and China Merchants Securities surging 5.18 percent.