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Shares close up midday Thursday

Shares close up midday Thursday

Write: Julius [2011-05-20]

Chinese shares closed higher midday Thursday amid concerns over inflation.

The benchmark Shanghai Composite Index rose 0.78 percent to close at2,795.8.

The Shenzhen Component Index was up 1.6 percent to 11,996.73.

The People's Bank of China (PBOC), the central bank, raised benchmark one-year borrowing and lending rates by 25 basis points from Wednesday, which was the year's first rate rise, signaling a renewed effort to cool prices and tighten liquidity.