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February 28, 2020

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Stocks rise as PBOC ensures liquidity

SHANGHAI stocks closed up yesterday as sentiment and liquidity improved. The Shanghai Composite Index rose 0.11 percent to close at 2,991.33 points.

Shares of catering companies, building materials firms and media enterprises were among the biggest gainers.

The People’s Bank of China said it would ensure ample liquidity through targeted reserve requirement ratio cuts at the appropriate time.

The central bank’s support for the economy includes reducing interest rates and flushing the market with liquidity.

It has also said it will provide special funds for banks to lend to businesses. The government also said it will keep the macro leverage ratio and prices stable.

Xiao Yuanqi, chief risk officer of the China Banking and Insurance Regulatory Commission, said banking institutions had lent 953.5 billion yuan (US$135.9 billion) to counter the COVID-19 as of Wednesday.

Fu Jian Anjoy Foods Co Ltd jumped 9.24 percent to 78.50 yuan and Hundsun Technologies Inc added 6.22 percent to 100.91 yuan.

China Resources Microelectronics Ltd, the first red-chip firm to list on the SSE STAR market, surged 228.2 percent on its debut yesterday.

Red-chip firms are domestic firms incorporated outside China’s mainland and listed on the Hong Kong Stock Exchange.

The semiconductor firm closed at 42.01 yuan (US$6), with an intraday high of 50 yuan, on its first trading day. By the close, its market value reached 49.2 billion yuan, ranking it No. 6 on the exchange.

Market analysts said the first red-chip firm on the STAR represents the innovation and openness of the market, the first choice for semiconductor firms.


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