Shanghai stocks reach near 7-year high, brokerages up on policy hopes
SHANGHAI, March 17 (Reuters) - A key China stock index rose closed at its highest in almost seven years, with investors pushing it through a psychological resistance level on hopes the market has resumed a bull run that began late last year.
The Shanghai Composite Index is now at the highest level since May 2008, and well above 3,400 points - seen by many as a level where many investors tend to reduce holdings.
Brokerages rose on news China plans to allow them and securities investment advisers to expand their wealth management business, potentially expanding their revenue streams.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.4 percent, to 3,757.12, the highest close since August 2009. The Shanghai Composite Index gained 1.6 percent, to 3,502.85 points.
Among the most active stocks in Shanghai were Bank of China , up 0.7 percent to 4.21 yuan; Everbright Bank , up 4.3 percent to 4.42 yuan and Agricultural Bank of China, up 1.2 percent to 3.40 yuan.
In Shenzhen, BOE Technology, up 9.9 percent to 3.54 yuan; Shenwan Hongyuan, up 7.2 percent to 16.78 yuan and TCL Corp, up 1.0 percent to 5.26 yuan were among the most actively traded.
Total volume of A shares traded in Shanghai was 51.9 billion shares, while Shenzhen volume was 31.5 billion shares. (Reporting by Samuel Shen and Kazunori Takada; Editing by Richard Borsuk)
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