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Shanghai index up 0.64% as money rates decline
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Shanghai stocks gained the most in three weeks today as fears of a cash squeeze eased amid falling funding costs.
The key Shanghai Composite Index rose for the third consecutive day, adding 0.64 percent, the biggest daily increase since December 4, to close at 2,106.35. Daily turnover was 58.1 billion yuan (US$9.5 billion).
China’s money rates today continued to drop after the People’s Bank of China yesterday conducted the first reverse repurchase agreements in three weeks. The seven-day Shanghai Interbank Offered Rate fell again today by 58.1 basis points to 5.6 percent, according to the National Interbank Funding Center.
“The move helped to ease market panic,” said CITIC Securities in a note today.
However, the broker said the small-scale injection is symbolic and can hardly quench the market thirst for liquidity.
Small-cap shares followed the advance of their peers in Shenzhen market as ChiNext, China’s Nasdaq-style board, surged 2.4 percent to 1,288.34 points.
Time Publishing and Media Co Ltd jumped by the daily limit of 10 percent to 17.30 yuan. Jiangsu Phoenix Publishing & Media Corp Ltd gained 5.8 percent to 9.63 yuan.
China National Software & Service Co Ltd advanced 8.2 percent to 37.81 yuan. Shanghai Baosight Software Co Ltd soared 10 percent to 24.72 yuan.
Shares of small-cap companies are expected to outshine heavily-weighted cyclical shares in 2014 as the latter is likely to be burdened by overcapacity and poor earnings, said a bluebook on China’s financial market released today by the Institute of Finance and Banking under the Chinese Academy of Social Sciences.
Beijing Tiantan Biological Products Co Ltd slumped among pharmaceutical firms, losing 10 percent to 21.65 yuan as the hepatitis B vaccine it produced is suspected to have caused the death of a newborn in southwestern Sichuan Province. The number of vaccine-related deaths has reached eight in China.
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