China's stocks surge for 3rd day on strong financials
SHANGHAI Nov 6 (Reuters) - China's stocks surged for the third consecutive session on Friday as investors continued bets on blue chip companies, notably securities brokerages.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.4 percent, to 3,793.37, while the Shanghai Composite Index gained 1.9 percent, to 3,590.03 points.
The CSI300 index closed the week up by 7.3 percent, its best week since early June. The composite index rose 6.1 percent in the week.
The mainland stock indexes are up by more than 25 percent from the troughs they hit during the August stock crash, and the rally this week has driven trading volumes to a three-month high.
Profit-taking among blue-chip companies seen earlier in the session was quickly reversed in the afternoon, with the financial service index up by 3.2 percent.
A total of 14 securities firms including Everbright , Orient Securities and CITIC Securities have hit their upward daily limit of 10 percent and the rest surged more than 7 percent.
Most listed brokerage companies achieved revenue and net profit gains in October, with nine inking more than 100 percent net profit growth.
Meanwhile, the start-up board ChiNext gained 3.7 percent, lending support to the broader market. The index has now gained 48 percent from its mid-September low.
In Shenzhen, BOE Technology, up 1.6 percent to 3.11 yuan; Tongling Nonferrous, up 0.3 percent to 3.82 yuan and Suning Appliance, up 1.7 percent to 17.30 yuan were among the most actively traded. (Reporting by the Ruby Lian, Pete Sweeney and Shanghai Newsroom; Editing by Sam Holmes)
© Thomson Reuters 2017 All rights reserved.