Surge in IT shares helps index to end up
Print Edition
Shanghai stocks rose yesterday as information technology shares surged after China unveiled a plan to expand broadband nationwide, ignoring declines by brokerages after an erroneous trading by China Everbright Securities led to a rally on Friday.
The Shanghai Composite Index added 0.83 percent to 2,085.6 points, snapping a losing streak of three days.
China announced a broadband strategy on Saturday that will boost Internet speed and expand broadband coverage nationwide to improve the country’s information infrastructure. The strategy will also cement the IT industry as a pillar for economic development and public services.
Information and telecommunication shares soared following their peers on the Shenzhen bourse, with the ChiNext, a gauge of growth enterprises on China’s Nasdaq-style board, jumping 3.5 percent to 1,171.40 points.
Fiberhome Telecommunication Technologies Co leapt 8.4 percent to 21.18 yuan. Beijing Teamsun Technology Co jumped 8 percent to 8 yuan. Yonyou Software Co surged by the daily limit of 10 percent to 13.89 yuan.
Brokerages fell on talk the stock market regulator may curb their innovative businesses after a glitch in the trading system of China Everbright Securities caused a sudden surge in Shanghai shares on Friday morning, sending the index 5.9 percent higher in just two minutes before falling in the afternoon.
Haitong Securities lost 2.1 percent to 10.99 yuan. CITIC Securities shed 1.2 percent to 10.88 yuan. Southwest Securities Co slumped 3.8 percent to 9.01 yuan.
“The unexpected episode was a distraction for the A-share market which was on an upward trajectory as inflation had eased,” said Guotai Junan Securities in a note yesterday.
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