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Shanghai index increases to 5-week high
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Shanghai stocks continued a strong run yesterday, sending the key index to a five-week high, as liquidity conditions improved and a break in initial public offerings provided some relief to the market.
The benchmark Shanghai Composite Index rose 0.84 percent to 2,103.67 points, its highest close since January 2.
“Easing liquidity pressure is the driving force behind the market rebound,” Dongguan Securities said in a note yesterday. Funding costs declined yesterday as the seven-day reverse repurchase rate fell 10 basis points to 5.2 percent.
“The wording in the central bank’s monetary policy report also helped ease concerns about liquidity,” the brokerage added.
The stock index surged 2.03 percent on Monday after the People’s Bank of China said it will maintain a prudent monetary policy. The central bank added that it will adjust liquidity with a combination of tools such as open market operations and rediscount rates.
The market was also boosted by a pause in IPOs as China Securities Regulatory Commission data showed there will not be any new listings until March.
Lenders gained after JPMorgan Chase & Co recommended investors buy Chinese bank stocks due to low valuations, large dividends and a high return on equity.
China CITIC Bank led the sector, jumping the daily limit of 10 percent to 4.18 yuan (69 US cents). China Minsheng Banking Corp gained 3.5 percent to close at 7.63 yuan.
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