BEIJING: Most Chinese stocks rose as a gauge of technology companies climbed to the highest level in seven years, overshadowing declines by financial shares.
The Shanghai Composite Index added 0.2 percent to 3,817.60 at the 11:30 a.m. local-time break, with almost two stocks gaining for each that fell. A measure of technology companies climbed 1.9 percent, taking its gain for 2015 to 65 percent. Premier Li Keqiang has pledged to encourage investment in the industry to help wean the world’s second-largest economy from a reliance on heavy manufacturing and property development.
Shanghai Wangsu Science & Technology Co. surged 8.2 percent, while Zhejiang Dahua Technology Co. extended its rally this year to 80 percent. Shanghai Pharmaceuticals Holding Co. climbed 7.1 percent. Country Garden Holdings Co. rose 5.1 percent in Hong Kong after saying it will sell a 9.9 percent stake to Ping An Insurance Group Co. to raise capital.
“There’s unabating interest in the technology and internet sector as there’s strong support from the government,” said Zhang Dongyi, Guangzhou-based fund manager at Guangfa Fund Management Co. “The market will see increased volatility after recent feisty gains.”
