May 28, 2014 / 7:11 AM / 4 years ago

REFILE-China shares rise as investors chase tech firms

(Refiles to drop extraneous word in headline)

HONG KONG, May 28 (Reuters) - China shares regained some momentum on Wednesday, led by strong gains in technology counters on hopes China’s increasing concern about Internet security will help drive new business.

Both Chinese onshore indexes extended their gains in the afternoon session. The Shanghai Composite Index ended up 0.8 percent at 2,050.23 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 1.0 percent.

The CSI technology sub-index jumped 2.9 percent, as the markets expect a shift away from foreign to domestic brands by governments and state firms, driven by recent tensions between Beijing and Washington over allegations of cyber espionage.

YonYou Software jumped 7.8 percent and DHC Software climbed 5.6 percent. ZTE, China’s second-biggest telecommunications equipment maker, gained 4.4 percent.

The ChiNext Composite Index of startups in mainly nascent industries listed in Shenzhen rose 2.3 percent after Song Liping, general manager of Shenzhen Stock Exchange, was reported as saying the exchange would continue to promote and extend the index.

Reporting by Grace Li; Editing by Shri Navaratnam

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