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Shanghai stocks rebound over OTC market plan
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Shanghai shares rallied in the morning session as brokerages surged on speculation that the securities regulator will soon announce a plan to expand the over-the-counter equity market.
The benchmark Shanghai Composite Index climbed 2.3 percent, or 48.80 points, to 2,149.30. Turnover stood at 72.6 billion yuan (US$11.9 billion) by the noon break.
Securities firms led the market gain after The Securities Daily reported that the regulator today may announce the expansion of the OTC market nationwide for the trading of unlisted shares.
China began an OTC stock trading trial in Beijing's Zhongguancun Science Park in 2006 to broaden access to capital for non-listed star-up firms.
Shanghai, Tianjin and Wuhan have also established their off-exchange markets in local industrial parks. As of Wednesday, a total of 339 companies are listed on four OTC markets in China, according to the National Equities Exchange and Quotations.
Analysts said the expansion will led to a boom in OTC listings and provide a new source of income for brokerages.
Haitong Securities leapt 8.9 percent to 10.94 yuan. CITIC Securities jumped 7.6 percent to 11.73 yuan. China Merchants Securities Co surged by the daily limit of 10 percent to 10.80 yuan.
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