PBOC’s cash move drives index
Print Edition
SHANGHAI stocks rose yesterday after investors were cheered by the central bank’s money market injection, and property developers gained on robust sales during the weeklong National Day holiday.
The Shanghai Composite Index rose 1.08 percent to 2,198.20 points.
The overnight repurchase rate, a gauge of interbank funding availability, fell 7.40 basis points to 3.05 percent in Shanghai yesterday, the lowest level in nearly three weeks, according to the National Interbank Funding Center. It fell after the People’s Bank of China added 65 billion yuan (US$10.7 billion) to the money market via seven-day reverse repurchase agreements.
ÔÔThe liquidity condition in the stock market is set to continue to improve in October as the central government will keep monetary policy stable ahead of a meeting of the Communist Party of China in November,’’ CITIC Securities said in a report yesterday.
Property developers jumped on strong sales during the holiday. Data from Beijing’s housing commission showed 783 new homes were sold in the city between October 1 and October 6, up 100 percent annually.
Poly Real Estate, China’s second-largest developer, leapt 5.1 percent to 10.38 yuan. Gemdale Corporation gained 3.8 percent to 6.25 yuan. Gree Real Estate Co jumped by the daily limit of 10 percent to close at 8.38 yuan.
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