Software firms surge to the rescue of shares
Print Edition
SHANGHAI stocks edged up yesterday as shares of domestic software companies surged to offset massive profit-taking in securities firms.
The Shanghai Composite Index added 0.19 percent to 3,235.3 points.
Investors cashed in shares of brokerages after 14 of them revealed a revenue of 16.19 billion yuan (US$2.6 billion) in December, a rise of 57.6 percent from November. Their combined profit totaled 5 billion yuan.
Changjiang Securities said profit-taking in shares of finance, infrastructure construction, electric power and automobiles is not over yet.
Ping An Securities said the software sector rose due to a deal between Tencent and brokerages to help customers open new accounts via the WeChat messaging app.
Yonyou Software and China National Software & Service surged by the daily limit of 10 percent to 31.96 yuan and 43.76 yuan respectively, while Neusoft Corp climbed 8.30 percent to 17.87 yuan.
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