China stocks surge to 3-yr high, powered by property and brokerages

miércoles 3 de diciembre de 2014 00:18 GYT

* CSI300, SSEC hit over-3-year high before pulling back

* Property, brokerages lead rally; trading volatile

* Renewed interest from retail investors after recent rally

SHANGHAI, Dec 3 (Reuters) - Chinese stocks extended their 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.

However, trading was volatile with shares paring back some of their earlier gains by midday.

The CSI300 index rose 1.5 percent to 2,967.61 points at the end of the morning session, while the Shanghai Composite Index gained 0.5 percent to 2,776.48 points.

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, hit their highest level since July 2011 earlier in the session.   Continuación...