Shanghai index rebounds after liquidity injection
Print Edition
Shanghai stocks rebounded yesterday following four straight days of losses, bolstered by financial counters, after China’s central bank stepped up reverse-repurchase operations to boost liquidity.
The key Shanghai Composite Index added 0.7 percent to close at 1,990.06 points, rallying from a three-week low on Monday.
The People’s Bank of China yesterday injected 17 billion yuan (US$2.8 billion) into the country’s money market via seven-day reverse repurchase agreements. The move marked the first liquidity injection through an open market operation since February 7.
Lenders gained among financial institutions. China Merchants Bank rose 1.8 percent to 10.68 yuan. China Minsheng Banking Corp increased 1.5 percent to 8.27 yuan.
Brokerages advanced after data from the Ministry of Finance showed stamp-tax revenue generated from securities transaction increased 27 percent year on year to 22.3 billion yuan in the first half of the year. Haitong Securities rose 2.8 percent to 10.44 yuan. Founder Securities increased 2.4 percent to 6.02 yuan.
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