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Stocks are set for record close

(Shanghai Daily)
Updated: 2007-03-27 14:30

Mainland's stocks rose, set to close at a record for a fourth day. Citic Securities Co led brokerages higher on speculation the advance will spur trading and boost revenue.

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"Citic Securities benefits a lot from the booming market," said Chen Shide, who manages the equivalent of US$212 million at GF Fund Management Co in Guangzhou. "Also, company earnings have met investors' expectations so far."

ZTE Corp climbed on speculation the company will benefit from the nation's construction of a high-speed wireless network.

Banks fell after UBS AG downgraded its rating onShanghaiPudong Development Bank Co on concern the stock has risen too much.

The Shanghai Composite Index, which tracks the bigger of domestic stock exchanges, rose 0.4 percent to 3133.99. The Shenzhen Composite Index, which covers the smaller one, added 0.8 percent to 840.05. Both measures are heading for record closes.

Citic Securities, China's biggest publicly traded brokerage, rose 1.04 yuan (13.42 US cents), or 2.6 percent, to 41.55 yuan. Hong Yuan Securities Co, the nation's first publicly traded brokerage, gained 0.85 yuan, or 4.1 percent, to 21.85 yuan.

The daily trading value for Shanghai's yuan-denominatedA sharesaveraged 84.2 billion yuan this year, compared with 23.7 billion yuan in 2006, according to data compiled by Bloomberg.

ZTE, China's biggest publicly traded phone-equipment maker, climbed 0.33 yuan, or 0.7 percent, to 45.53 yuan. China's government and phone companies plan to spend 26.7 billion yuan on the nation's first high-speed wireless network, theBeijingMorning Post reported, citing a government official.

China Mobile Communications Corp,China Telecommunications Corpand China Network Communications Group Corp will carry out trials for third-generation, or 3G, services based on a locally developed standard in 10 major cities this year, the report said, citing Ji Ling, a vice mayor of Beijing.