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September 6, 2016

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Repos injections offer tonic to shares

SHANGHAI stocks edged up yesterday after China’s central bank injected 30 billion yuan (US$4.5 billion) into the market via reverse repurchase agreements while coal and steel firms also gained from measures to cut overcapacity.

The Shanghai Composite Index added 0.15 percent to close at 3,072.10 points yesterday.

Investor sentiment picked up after the People’s Bank of China yesterday injected 20 billion yuan of seven-day repos and 10 billion yuan of 14-day repos.

Coal plants and steel firms also rose, with Shanxi Coking Co jumping 7.03 percent to 7.46 yuan and Xinyu Iron & Steel Co adding 4.05 percent to 6.43 yuan because investors took comfort from the central government’s probe into overcapacity cuts at coal and steel firms.


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