SHANGHAI: China stocks remained stable on Wednesday; with brokerage stocks increased after the watchdog said it planned to relax rules for securities firms to set up subsidiaries.
“This indeed has a positive impact on the brokerage sector,” said Zhang Gang, analyst at Central China Securities in Shanghai. “And the valuation for the sector has corrected in previous days – it’s time for it to rebound again.”
The CSI300 index rose 0.2 percent, to 3,647.81 points at the end of the morning session, while the Shanghai Composite Index was unchanged at 3,351.93 points.
Huatai Securities rose 9.3 percent, Citic Securities jumped 5.1 percent, and Haitong Securities rose 4.7 percent.
The broader market was held back by declines in the small-caps and energy shares, with the ChinNext growth board falling 1.1 percent and PetroChina, the largest oil company by market value in China, declining 1.4 percent.
The global slide in oil prices was blamed for the decline in PetroChina shares, though brokers also noted that profit-taking was probably another reason given a sharp spike seen this week.
China CSI300 stock index futures for January were flat at 3,658.6, 10.79 points above the current value of the underlying index.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 131.29.
A value above 100 indicates Shanghai shares are being priced at a premium to shares in the same company trading in Hong Kong, and vice versa.
Total volume of A-shares traded in Shanghai was 22.41 billion shares, while Shenzhen volume was 9.60 billion shares.
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