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Shanghai stocks soar to 3-year high at midday
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SHANGHAI’S benchmark stock index rallied to a three-year high this morning as brokerages and blue chip stocks attracted the interest of investors.
The Shanghai Composite Index gained 1.6 percent to 2,824.43 points after the morning session, its highest level since May 2011. The rally is spurring investors to open stock accounts at the fastest pace in three years.
Financial and energy shares climbed the most among 10 industry groups on the Shanghai Composite Index 300. Hongyuan Securities Co surged the daily limit of 10 percent to 23.18 yuan (US$3.76). Citic Securities Co jumped to a four-year high in Shanghai and advanced 8.6 percent on the Hong Kong exchange. China Merchants Bank jumped to its highest level since June 2013 after Anbang Insurance Group Co yesterday bought 24 million A shares in the lender.
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