Banking Stocks Surge Over 5% Against Market Trend - Who's Leading This Time?

Deep News10-13

Banking stocks staged a rare rally on October 13th as the broader market pulled back. The CSI Banking Index climbed 0.75% for the day, with Shanghai Pudong Development Bank Co.,Ltd. (600000.SH) leading the sector with a 5.66% gain. Chongqing Rural Commercial Bank Co.,Ltd. (601077.SH) and Bank Of Nanjing Co.,Ltd. (601009.SH) posted gains exceeding 4% and 3% respectively.

Unlike previous rallies led by major state-owned banks with trillion-yuan market capitalizations, this banking sector rebound displays new characteristics. An institutional source told reporters that banking stocks had previously attracted multiple streams of capital due to their low valuations and high dividend yields. Combined with concentrated holdings from long-term allocation funds, state-owned major banks had led the industry through a solid rally.

However, as market sentiment has notably warmed, funds chasing banking stocks this time are more likely seeking temporary safe haven plays, with a markedly different style in target selection. Whether this trend will continue requires further observation.

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