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Brokers advance in Shanghai stock trading on policy support
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SHANGHAI stocks advanced today, as the brokerages were greatly lifted by new beneficial policies. The Shanghai Composite Index surged 1.47 percent to 2,343.58 points.
The China Securities Regulatory Commission released on Friday a notice to encourage the brokerages to absorb funds via more channels. The notice also removed limitations on equity financing in the sector.
The notice has suggested more brokerages supplement their funds through initial public offerings. It also aims to balance the brokerages’ capital capacity with their business scale.
Soochow Securities rose 9.97 percent to 9.93 yuan (US$1.63), Industrial Securities gained 7.08 percent to 6.35 yuan, while The Pacific Securities was up 6.35 percent to 9.21 yuan.
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