Shenzhen Laibao High-Technology Co. jumped 5.6 percent as a gauge of technology stocks extended the biggest advance among industry groups this week. Citic Securities Co. (600030) and Haitong Securities Co. (600837), the biggest listed brokerages, climbed at least 1.4 percent. TCL Corp. (000100), the largest publicly traded consumer-electronics maker, surged 9.9 percent after announcing a private-placement plan as net income jumped 91 percent.
The Shanghai Composite Index (SHCOMP) rose 0.9 percent to 2,226.73 at the close, the highest level since Dec. 10. The measure added 1.5 percent in the past five days and posted the longest stretch of weekly gains since May 2013. Chinese stocks climbed this week after data showed inflation was subdued last month, while weaker-than-estimated credit growth and industrial production boosted speculation the government will ease monetary policy.
“A cut in the reserve-requirement ratio or the interest rate is likely in the near future,” said Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai. “A loosening of policies is what the market wants now.”
The CSI 300 Index rose 1.1 percent to 2,360.64. The Hang Seng China Enterprises Index (HSCEI) climbed 0.4 percent. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.- listed Chinese companies, retreated 0.6 percent yesterday.
A measure tracking technology stocks surged 2.5 percent this week, the most among the CSI 300’s 10 industry groups. Shenzhen Laibao jumped the most since Feb. 14. Neusoft Corp. added 3.3 percent.
Source: bloomberg.com
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