PBOC’s liquidity refrain helps lift shares
Print Edition
SHANGHAI stocks gained yesterday after China’s central bank didn’t drain funds from the money market, while the strong debut of the first initial public offerings in four months fueled appetite in growth shares.
The Shanghai Composite Index added 0.65 percent to close at 2,038.68 points.
The People’s Bank of China yesterday refrained from draining money from the banking system via regular open market operations. That will allow a net 12 billion yuan (US$1.9 billion) into the market this week, the seventh straight week of injection, helping ease concerns about a possible fund squeeze.
Meanwhile, the first batch of IPOs since February soared yesterday, with all three new listings rising by the maximum 44 percent on their trading debut on the Shenzhen Stock Exchange.
“The strong performance of new shares fueled investor enthusiasm for shares of growth companies,” said Fu Shaoqi, chief investment consultant at Shanghai Securities.
Gao Shanwen, chief economist at Essence Securities, said investors are now focused on growth stocks as the economy slows on sluggish exports and the soft real estate sector.
Inspur Software rose 4.9 percent to 25.66 yuan. Beijing Teamsun Technology surged 9.8 percent to 11.68 yuan.
CITIC Securities, China’s biggest listed brokerage, rose 1.2 percent to 11.40 yuan. Sinolink Securities added 1.4 percent to close at 19.32 yuan.
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