Chinese brokerage stocks posted their biggest jump in nearly nine months on growing optimism that more firms may get crypto-trading licenses.
A Bloomberg Intelligence gauge of brokerage shares listed in Hong Kong surged as much as 15%, the most since October 18. Central China Securities Co. rallied as much as 54%, while Guolian Minsheng Securities Co. rose as much as 18%.
“Investors are betting on more brokerages to get license upgrade to offer virtual asset trading services,” said Ravi Wong, first vice president at Yan Yun Family Office. If this materializes, “it will boost their earnings,” he said.
Sentiment in the sector also got a boost after a Shanghai asset regulator vowed at a seminar on Thursday to improve research on digital currency and explore application of blockchain technology in cross-border trade, supply chain finance and asset digitalization.
On the mainland, a measure of brokerage stocks gained as much as 3.4%.
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