Hopes for cash input before IPOs lift shares
Print Edition
SHANGHAI stocks rose yesterday on speculation that China’s central bank will inject cash to lenders to ensure market liquidity ahead of new initial public offerings.
The Shanghai Composite Index added 0.66 percent to 2,356.73.
Sentiment got a lift after media reports said the People’s Bank of China will provide 200 billion yuan (US$32.7 billion) in liquidity to several commercial banks through Pledged Supplementary Lending, a type of lending instrument backed by collateral. China International Capital Corp expected the injection may be as much as 400 billion yuan.
But Shenyin & Wanguo Securities said the market gain was capped by the upcoming IPOs. Nine companies will open their IPOs for subscriptions this week, and 700 billion yuan are likely to be locked up.
Technology companies rose on hopes the government will soon start to use a homegrown operating system after it banned Windows 8 from being used.
Yonyou Software jumped 7.2 percent to 18 yuan and China National Software & Service gained 3 percent to 28.10 yuan.
Sport-related shares such as Shanghai Lansheng also gained. Its shares climbed 4.6 percent to finish at 20.22 yuan.
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