Chinese stocks rose, with a benchmark gauge of the largest companies extending its gains to a record 13th day, amid surging demand for equities as bonds plunge.
Citic Securities Co. and Haitong Securities Co. led a rally for brokerages, surging 10 percent after Citigroup Inc. said the shares may extend gains. Baoshan Iron & Steel Co. paced an advance for material producers, heading for the steepest two-day gain since 2008 after the nation’s steel exports hit a record high. One-year interest-rate swaps rose and government bond yields fell after policy makers narrowed the pool of corporate debt that can be used as collateral for short-term loans.
The CSI 300 Index jumped 3 percent to 3,351.29 at the 11:30 a.m. break, heading for the highest level since April 2011. The Shanghai Composite Index (SHCOMP) advanced 1.2 percent to a four-year high of 3,057.74, as trading volumes doubled from the 30-day average, according to data compiled by Bloomberg.
Bloomberg
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