Brokerages propel Shanghai shares higher
Print Edition
SHANGHAI shares yesterday extended their winning streak to a third day as brokerages continued to gain from their upbeat financial earnings.
The Shanghai Composite Index surged 1.9 percent to 3,590 points, an 11-week high. For the week, the index gained 6.13 percent.
Securities firms profited from data showing the total net earnings of the Chinese mainland’s 23 listed brokerages soared 74 percent month on month to 10.3 billion yuan (US$1.6 billion) in October.
Fifteen of them rose by the daily limit of 10 percent yesterday, including CITIC Securities, the country’s biggest brokerage, Guangfa Securities and Everbright Securities.
The brokerages were lifted by a recovery in the stock market with the Shanghai index soaring more than 10 percent last month and turnover on the Shanghai and Shenzhen exchanges totaled 15 trillion yuan, a jump of 30 percent month on month.
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