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Shanghai index posts biggest daily rise in two months
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SHANGHAI stocks posted their biggest daily gain in two months today as funding costs continued to drop after the central bank injected fresh liquidity into the market.
The benchmark Shanghai Composite Index increased 2.2 percent, or 43.44 points, to 2,051.75. Turnover was 84.1 billion yuan (US$13.8 billion) at the trading close.
“The easing of cash crunch is the main reason that pushed up the index,” said Dongguan Securities.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, fell for a second day today by 31.1 basis points to 5.2 percent, according to the National Interbank Funding Center.
The People’s Bank of China yesterday poured 255 billion yuan into the banking system through reverse repurchase agreements. It also provided liquidity to small and medium-sized banks through Standing Lending Facility.
“The amount of injection is much more than expected and the use of 21-day repos to cover the coming Spring Festival holiday effectively alleviated liquidity risks,” CITIC Securities said in a note today.
Property developers led the gains as the low valuation of the sector attracted bargain hunters. Poly Real Estate, China’s second-largest homebuilder, surged 7.3 percent to 8.09 yuan. Gemdale Corporation rose 4.9 percent to 6.20 yuan. Gree Real Estate Co Ltd jumped by the daily limit of 10 percent to 8.68 yuan.
Haitong Securities said the valuation of the housing sector is at a record low, with mainland-listed real-estate bellwethers trading at a discount of about 30 percent compared with their Hong Kong-listed shares.
Anhui Yingliu Electromechanical Co Ltd, the second company to float shares in the Shanghai market after the IPO freeze, surged 34 percent to 11.10 yuan.
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