Chinese shares ended Monday's morning session 2.3 percent higher after report of state-backed share purchases of the country's top three lenders.

The benchmark Shanghai Composite Index rose 45.01 points to 1999.45. The Shenzhen Component Index added 127.7 points, or 1.85 percent, to 7045.18.

The Central Huijin Investment Co., Ltd., an investment arm of the China Investment Corporation (CIC), had been "continuously" buying shares of China's top three commercial banks, said Lou Jiwei, chairman of the CIC, the country's sovereign wealth fund, on Friday.

Lou, who made the remarks at sideline of a press conference, didn't disclose how many of those shares had been purchased.

The news sent the financial sector 2.42 percent higher on Monday morning. The Industrial and Commercial Bank of China (ICBC),the country's largest lender, closed 4.21 percent up at 3.71 yuan (55 U.S. cents). The Bank of Communications surged 6.61 percent to5.48 yuan.

The China Construction Bank (CCB) gained 5.97 percent to 4.08 yuan. The Bank of China (BOC) climbed 3.33 percent to 3.1 yuan.

The Central Huijin started in September to buy shares of the ICBC, the CCB and the BOC via the secondary market on the Shanghai and Shenzhen bourses. The move was aimed to shore up the banks' share prices amid stock market slumps.

The three banks said on Sept. 23 the Central Huijin had increased holdings in each of them by 2 million shares. No further purchases had been reported since then.

Source:Xinhua