China stocks extend steep rally to 3-yr high led by property, brokerages

martes 2 de diciembre de 2014 22:55 GYT
 

* CSI300, SSEC at highest level since July 2011

* Property, brokerages lead rally

* Renewed interest from retail investors after recent rally

SHANGHAI, Dec 3 (Reuters) - Chinese stocks extended their strong rally for the second day on Wednesday, with key indices hitting over-three-year highs, powered by gains in property and brokerage shares partly on speculation of more stimulus from Beijing.

Analysts also said the recent gains in the market had driven up investor confidence, leading to increased interest from retail investors.

"The expectation of a bullish stock market is the main drive behind the rise in brokerage stocks recently as they will benefit most from it," said Zhang Gang, analyst at Central China Securities in Shanghai.

By mid-morning trade, the CSI300 index of the largest listed companies in Shanghai and Shenzhen was up 2.4 percent while the Shanghai Composite Index gained 1.2 percent.

Both indices, which posted their biggest single-day rise in over a year on Tuesday on speculation of further policy easing by the central bank, were at their highest level since July 2011.

The Hang Seng index added 0.6 percent to 23,789.11 points. The Hong Kong China Enterprises Index gained 1.5 percent to 11,294.05.   Continuación...