Chinese equities rose for the first time in three days, led by brokerages and energy companies, as investors sought companies that have underperformed the benchmark equity index amid a flood of new share sales.
A gauge of financial companies rallied 5.3 percent from its lowest level in six weeks as Huatai Securities Co. and Changjiang Securities Co. climbed by the 10 percent daily limit. PetroChina advanced 2.9 percent after tumbling almost 20 percent from its April high. The ChiNext index of smaller companies slid 0.4 percent from a record.
The Shanghai Composite Index rose 3 percent to 4,410.89 at 1:04 p.m., heading for its biggest gain since May 11 and the most among Asian benchmark stock measures. Twenty companies are scheduled to sell initial public offering shares from Tuesday to Thursday, which may freeze 2.8 trillion yuan ($451.1 billion).
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