Shanghai shares opened slightly higher Wednesday after China cut interest rates in a bid to tame worries over the economy, following two days of heavy market falls.

The benchmark Shanghai Composite Index rose 0.53 percent, or 15.82 points, to 2,980.79. The Shenzhen Composite Index, which tracks stocks on China's second exchange, edged down 0.17 percent, or 2.99 points, to 1,746.08.