China’s Stocks Rally for Eighth Day to Highest Level Since 2008
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China’s stocks rose for an eighth day, sending the benchmark index to the highest level since 2008, as brokerages surged on speculation a rebound in trading will boost earnings and technology shares extended a week-long rally.
Citic Securities Co. and Haitong Securities Co., the nation’s two biggest listed securities firms, jumped at least 5 percent. Transaction volumes soared this week, while margin trading surged to all-time highs and new account openings rebounded to the highest since December. Ping An Insurance (Group) Co. advanced 3.5 percent after saying annual profit rose 40 percent and it plans to pay dividends and bonus shares. Dr. Peng Telecom & Media Group Co. jumped by the daily limit.