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Shanghai index up 0.85%, led by developers, metal producers
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SHANGHAI stocks rebounded in morning trading thanks to gains made by property developers and metal producers.
The benchmark Shanghai Composite Index edged up 0.85 percent, or 17.34 points, to 2,059.52. Half-day turnover was 44.3 billion yuan (US$7.3 billion).
“The market is going through a technical rebound after being oversold,” said Shenyin & Wanguo Securities. “Improving liquidity situation also helped,” the broker added.
The seven-day repurchase rate, a gauge of borrowing costs, fell 105 basis points this morning to 4.4 percent, according to the National Interbank Funding Center.
The People’s Bank of China this week added 375 billion yuan to the financial system through repos.
Property developers led the market up after Haitong Securities said the valuation of real estate companies has reached a record low and mainland-listed bellwethers traded 30 percent lower compared with their Hong Kong-listed shares.
Poly Real Estate, China’s second-largest homebuilder, climbed 4 percent to 8.26 yuan. Gemdale Corporation gained 2.3 percent to 6.25 yuan. Gree Real Estate Co Ltd increased 5.5 percent to 9.23 yuan.
Metal producers also rose. Henan Yuguang Gold & Lead Co Ltd jumped by the daily limit of 10 percent to 9.08 yuan. Shandong Gold Mining Co Ltd rose 3.2 percent to 16.36 yuan. Rising Nonferrous Metals Co Ltd added 1.6 percent to 38.08 yuan.
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