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Shanghai index records biggest weekly gain in 19 months
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Shanghai stocks gained for a sixth straight day today, sending the index to its biggest weekly advance in 19 months. The market was boosted by optimism over liquidity after the European Central Bank unexpectedly slashed interest rates.
The key Shanghai Composite Index rose 0.85 percent to 2,326.43. For the week, the index added 4.93 percent, the most since the week ending February 1, 2013.
“The interest rate cut by the ECB boosts the preference for risk assets globally and accelerates capital inflows to emerging markets,” Qilu Securities said.
The ECB lowered its benchmark interest rate by 10 basis points yesterday. It also announced a bond-purchasing program to fuel economic growth in the euro zone.
The brokerage said the ECB’s move also helps boost the Shanghai-Hong Kong Stock Connect on the A-share market. The pilot program allows cross-boarder investment between the Shanghai and Hong Kong exchanges and opens up China’s stock market to international investors.
Shipyard stocks led the gains after the Ministry of Industry and Information Technology released a list of 51 shipbuilding companies that comply with industry standards. Analysts said these companies would have more chances to receive policy support as China seeks to overhaul the sector dampened by overcapacity.
China CSSC Holdings, the listed unit of the state-owned shipbuilding conglomerate China State Shipbuilding Corp, surged the daily limit of 10 percent to 28.73 yuan (US$4.71). Ten China State Shipbuilding Corp subsidiaries were included on the ministry’s list.
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