Chinese stocks open higher after prolonged rout

Shanghai: Chinese stocks bounced back at the open on Wednesday after a rally on Wall Street gave investors rare reason to cheer following a prolonged rout.

The benchmark Shanghai Composite Index rose 1.02 percent, or 26.01 points, to 2,572.34.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, gained 1.04 percent, or 13.03 points, to 1,269.40.

Global stock markets had risen on Tuesday as strong earnings from some major US companies helped shift the focus away from worries about rising interest rates and trade war fallout.

Concern over the Sino-US trade war and other economic issues have made Chinese stocks the world’s worst-performing this year, with China indices hitting their lowest points in four years last week.