Key index posts huge weekly rise in 19 months
Print Edition
SHANGHAI shares notched the biggest weekly gain in 19 months yesterday on investor optimism over liquidity as they were cheered by the European Central Bank’s unexpected slashing of interest rates to boost economic recovery.
The Shanghai Composite Index rose 0.85 percent to 2,326.43, up for a sixth straight trading day. For the week, the index added 4.93 percent, the biggest since the week ending February 1, 2013.
The ECB cut its benchmark interest rate by 10 basis points on Thursday and also unveiled a bond-buying program to ignite economic growth in the eurozone. The ECB’s interest rate cut may lift investor preference for risky assets globally and help speed capital flows to emerging markets, Qilu Securities said yesterday.
The brokerage said the move may also draw global investors to the A-share market under the Shanghai-Hong Kong Stock Connect that allows cross-border investment between the two stock exchanges.
Shipyards rose after analysts said the central government will support 51 shipbuilders that comply with industry standard.
China CSSC Holdings, the listed unit of state-owned shipbuilder China State Shipbuilding Corp, surged by the daily limit of 10 percent to 28.73 yuan (US$4.71). Ten units of CSSC were on the list.
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