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Shanghai shares up on better market sentiment
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SHANGHAI stocks continued to pick up steam today as market sentiment got boosted by central bank’s move to inject funds into the market.
The Shanghai Composite Index gained 0.72 percent to close at 3,083.51 points. Over the past week, the gauge lost 0.63 percent.
The People’s Bank of China injected 459 billion yuan (US$66.51 billion) into the financial system through medium-term lending facility tools today.
“The move is a positive signal for the stabilization of the market,” said Zhang Mingming, an analyst of CITIC Securities.
Shares of banking, insurance companies and those related to the Xiongan New Area were among the biggest gainers today.
“Investors also get encouraged by the news that Belt and Road Forum for International Cooperation is going to be held this weekend,” said Zhang Qi, an analyst at Haitong Securities.
China Merchants Bank Co rose 5.61 percent to 20.34 yuan, New China Life Insurance Co added 3.05 percent to 50.03 yuan, and Hebei Langfang Development Co climbed 2.37 percent to 13.41 yuan.
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