Shares end at highest level in 2 weeks
Print Edition
SHANGHAI stocks rose yesterday as financial and technology companies rallied amid a positive market sentiment.
The Shanghai Composite Index gained 0.77 percent to 2,050.23 points yesterday, the highest level in two weeks.
Guotai Junan Securities, one of the biggest brokerages in China, expects the market to rebound 20 percent this year.
Brokerages posted better-than-expected earnings for last year, with listed brokerage firms accounting for over half of the industry’s net profits. Investors expect rising profitability for the brokerages.
Citic Securities Co jumped 2.7 percent to 11.48 yuan (US$1.84). Haitong Securities Co added 1.7 percent to 9.37 yuan. Sinolink Securities Co soared 7.1 percent to 19.43 yuan.
Banks also gained after a net 30 billion yuan liquidity injection by the People’s Bank of China on Tuesday.
The Industrial and Commercial Bank of China, the biggest and the most profitable lender in the country, jumped 1.1 percent to 3.57 yuan. China Construction Bank, the second-biggest lender, rose 1 percent to 4.06 yuan. Shanghai-based Bank of Communications added 0.5 percent to 3.82 yuan.
The PBOC said this week that mobile payments totaled 3.9 trillion yuan in the first quarter, up 255 percent year on year, and saw a booming outlook.
Jiangsu Changjiang Electronics Technology Co soared 7.7 percent to 8.3 yuan. Datang Telecom Technology Co, rose 6.6 percent to 15.2 yuan.
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