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Shanghai shares rally into third day as liquidity fear eases
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SHANGHAI stocks advanced again this morning as fears of a cash squeeze eased after the central bank pumped liquidity into the money market.
The benchmark Shanghai Composite Index added 0.43 percent, or 9.07 points, to 2,101.97. Half-day turnover was 32 billion yuan (US$5.2 billion).
China’s money rates yesterday dropped from their highest since June after the People’s Bank of China conducted the first reverse repurchase agreements in three weeks.
“The move helped to ease market panic,” said CITIC Securities in a note today.
However, the broker said the injection is symbolic on a small scale, which can hardly quench the market thirst for liquidity.
The seven-day Shanghai Interbank Offered Rate fell for a second day today by 58.1 points to 5.6 percent, according to the National Interbank Funding Center.
Small-cap shares lifted the market up as ChiNext, China’s Nasdaq-style board in Shenzhen, surged 1.8 percent to 1,281.37 points this morning.
Time Publishing and Media Co Ltd jumped by the daily limit of 10 percent to 17.30 yuan. Jiangsu Phoenix Publishing & Media Corp Ltd gained 5.1 percent to 9.56 yuan.
China National Software & Service Co Ltd advanced 6 percent to 37.04 yuan. Shanghai Baosight Software Co Ltd soared 10 percent to 24.72 yuan.
Beijing Tiantan Biological Products Co Ltd slumped among pharmaceutical companies, losing 7.1 percent to 22.36 yuan as the hepatitis B vaccine it produced is alleged to have caused the death of a newborn in southwestern Sichuan Province. The number of vaccine-related deaths has reached eight in China.
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