China's Stocks Head for Weekly Gain After Entering Bull Market
- Citic Securities advances 29% this week as trading increases
- Technology, consumer-discretionary shares rise in Shanghai
China's Bulls Are Running Again
China’s stocks extended a bull-market rally, led by brokerages and technology companies, as ordinary investors returned to the market and speculation grew the government will take more measures to keep economic growth on track.
The Shanghai Composite Index rose 1.9 percent to 3,590.03 at the close, taking this week’s gain to 6.1 percent. Turnover surged as the gauge completed a 20 percent rebound from the August low on Thursday, with trading volumes jumping to the highest level since July. Citic Securities Co., the nation’s biggest listed brokerage, climbed 29 percent this week. China will lift a freeze on initial public offerings by year-end, the China Securities Regulatory Commission said after the market close.