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Hopes of easing conditions lift index
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Shanghai stocks rose yesterday as the market anticipated liquidity conditions to ease.
The Shanghai Composite Index jumped 2.03 percent to 2,086.07 points yesterday, the highest level in a month. Investors were cheered by expectations that liquidity conditions were likely to moderate in 2014.
The People’s Bank of China said over the weekend in its monetary policy report that it will continue to implement a prudent monetary policy. It also pointed out that it’s important to adjust market liquidity appropriately. The central bank will use a combination of tools such as open market operation, deposit reserve rate and rediscount rate to manage and adjust liquidity in the banking system. The PBOC will also encourage financial institutions to better support the economy in line with changes in economic conditions.
“Liquidity is the key factor when looking at the market in the short run,” Shenyin Wanguo Securities said in a note yesterday. “Conditions often ease after the (weeklong Lunar New Year) holiday.”
Lenders gained 1.33 percent on average. China CITIC Bank soared 4.3 percent to 3.8 yuan (62 US cents). Shanghai Pudong Development Bank jumped 1.2 percent to 9.29 yuan. The Bank of Communications, the country’s fifth-biggest lender, gained 0.8 percent to 3.8 yuan. China’s top lender, the Industrial and Commercial Bank of China, added 0.6 percent to 3.42 yuan.
Automobile makers jumped 5 percent on average as the government extended subsidies for electronic cars.
Dongfeng Automobile Co rose 3.8 percent to 3 yuan. SAIC Motor Co jumped 4.1 percent to 13.48 yuan and Guangzhou Automobile Group Co soared 7.2 percent to 8.01 yuan.
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