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July 25, 2017

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Blue chips add fuel to Shanghai shares

SHANGHAI stocks rose yesterday led by blue chips as China’s central bank injected funds into the banking system while sentiment was also fueled by the IMF’s raising the country’s economic growth forecast.

The Shanghai Composite Index edged up 0.39 percent to close at 3,250.60 points.

Blue chips, financial shares, liquor makers and infrastructure companies were among the biggest gainers yesterday.

Beijing Huaye Capital Holdings Co surged 9.98 percent to 9.59 yuan (US$1.42), Jinhui Liquor Co added 7.33 percent to 20.35 yuan and China Merchants Bank Co rose 3.92 percent to close at 25.71 yuan.

Investor sentiment was boosted as the People’s Bank of China injected a net liquidity of 350 billion yuan (US$51 billion) into the financial market through reverse repos yesterday, the PBOC said in an announcement published on its official website.

Investors were also buoyed after the International Monetary Fund raised China’s growth forecast for this year to 6.7 percent, higher than its previous forecast of 6.6 percent in April, said the IMF’s World Economic Outlook yesterday.


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