Chinese Stocks Rally as Shenzhen Completes Best Week Since 2008

China’s stocks rose, with the Shenzhen Composite Index capping its biggest weekly gain since 2008, as investors speculated the government will boost technology spending and brokerages rallied after Guotai Junan Securities Co. said it plans an initial public offering.

Leshi Internet Information & Technology (Beijing) Co., jumped 10 percent. Guotai Junan International Holdings Ltd., surged 9.6 percent. Huatai Securities Co. jumped 4.4 percent in Shanghai. Guosen Securities Co. rose 7 percent in Shenzhen.

The Shenzhen Composite added 1 percent to 2,740.92 at the close. It advanced 12 percent this week for the biggest weekly gain since November 2008. The Shanghai Composite Index climbed 2.8 percent to 4,657.60. Technology companies rallied this week after the State Council announced its “Made in China 2025” plan aimed at making selective manufacturing industries more global competitive.

Source : Bloomberg

MARKET