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CHINESE mainland stocks rose to a record, posting the biggest gains in the region, as funds poured in to the market after a week-long holiday. Citic Securities Co and China Vanke Co led the advance.
The Shanghai Composite Index, which tracks the bigger of domestic two stock exchanges, rose 2.8 percent to 3,947.97. The Shenzhen Composite Index, which covers the smaller one, added 3.6 percent, to 1,102.62.
``Investors have had to wait for the end of the holiday to buy more stocks,'' said Lu Yizhen, who oversees US$640 million of shares at Citic-Prudential Fund Management Co in Shanghai. ``It's obvious that cash is flooding in as brokerage account openings are growing rapidly.''
About 1.5 million new trading accounts were opened at China's brokerages in the week ended April 27, with a daily record of 311,110 having been set on April 24, according to the latest figures published on the Website of the China Securities Depository and Clearing Corp. Of the benchmark index's 300 members, 271 gained today, according to Bloomberg.
Citic Securities, the nation's biggest publicly-traded brokerage, gained 2.43 yuan (31 US cents), or 4.1 percent, to 61.49 yuan. Hong Yuan Securities Co, the smaller of the nation's two listed brokerage, added 2.55 yuan, or 6.9 percent, to 39.60 yuan.
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