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Shanghai index hits two-week high as financial, tech shares rally

By Hu Xiaocen | May 28, 2014, Wednesday | Online Edition

SHANGHAI stocks rallied today, helped by gains of financial and technology firms. The benchmark Shanghai Composite Index rose 0.77 percent to 2,050.23 points, the highest level in two weeks.

Guotai Junan Securities, one of the biggest brokerages in China, is bullish about the stock market, saying it may rebound by as much as 20 percent this year.

Chinese securities companies posted better-than-expected earnings for 2013 with the listed ones accounting for over half of the total profit of the sector. Their shares rallied as the market believed their profitability will benefit more from innovative businesses.

Citic Securities Co increased 2.7 percent to 11.48 yuan (US$1.85). Haitong Securities Co added 1.7 percent to 9.37 yuan. Sinolink Securities Co surged 7.1 percent to 19.43 yuan.

Lenders also advanced today after the People’s Bank of China (PBOS) injected 30 billion yuan into the money market yesterday. The central bank increased liquidity by 164 billion yuan in the past two weeks.

ICBC, the country’s biggest and most profitable lender, rose 1.1 percent to 3.57 yuan. China Construction Bank, the second-biggest lender, climbed 1 percent to 4.06 yuan. Shanghai-based Bank of Communications added 0.5 percent to 3.82 yuan.

The PBOC said early this week that mobile payments totaled 3.9 trillion yuan in the first quarter, a 255 percent increase from a year before.

Mobile payment technology companies rallied, boosted by the central bank’s report. Jiangsu Changjiang Electronics Technology Co soared 7.7 percent to 8.3 yuan. Datang Telecom Technology Co jumped 6.6 percent to 15.2 yuan. Sunyard System Engineering Co advanced 3.7 percent to 18.11 yuan.

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