China’s Brokerage Stocks Rise on Profit Outlook: Shanghai Mover
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Chinese brokerages rose in Shanghai and Shenzhen trading as investors bet that the industry will deliver better earnings amid a stock market recovery.
Citic Securities Co., the country’s largest brokerage by market value, jumped as much as 6.4 percent, the biggest intraday gain since Jan. 14, and traded up 6.1 percent at 13.43 yuan at 2 p.m. Second-ranked Haitong Securities Co. rose as much as 6.5 percent and Founder Securities Co., the Chinese partner of Credit Suisse Group AG’s investment banking joint venture, advanced as much as 9.4 percent.