Shares rise on strong earnings of brokerages
Print Edition
SHANGHAI stocks yesterday surged by the biggest daily gain in more than five years after investors regained confidence in brokerages as a result of their strong earnings last year.
The Shanghai Composite Index rose 4.74 percent, or 150.56 points, to 3,323.61. The increase was the biggest since October 9, 2009, when the index closed 4.76 percent higher.
Investors were buoyed by last year’s earnings results of brokerages that were released by the Securities Association of China. Data showed 120 brokerages generated a revenue of 260.28 billion yuan (US$42.6 billion) and a profit of 96.55 billion yuan. They also achieved 44.62 billion yuan in interest earnings from margin lending.
Chen Wenjie, an analyst at Tianxin Investment, said the strong performance of the brokerages last year was the driving force that accounted for the robust daily gain yesterday.
Haitong Securities surged by the daily limit of 10 percent to 20.79 yuan, Industrial Securities jumped 8.19 percent to 12.81 yuan, CITIC Securities rose 7.72 percent to 28.75 yuan, and China Merchants Securities gained 7.62 percent to 24.42 yuan.
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