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Shanghai index up 1.5% on easing cash crunch
By Ye Zhen |
June 28, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks snapped a seven-day losing streak today, bolstered by financial stocks, after China's central bank governor Zhou Xiaochuan pledged to adjust liquidity supply to maintain the stability of the money market.
The key Shanghai Composite Index advanced 29.19 points, or 1.50 percent, to 1,979.21. Daily turnover was 77.5 billion yuan (US$12.7 billion).
The index ended the month with a 13.97 percent slump, the biggest monthly decline since August 2009 as a cash crunch emerged with interbank borrowing costs rising to record levels. Investors are worried that the liquidity squeeze may further slow economic growth.
"The People's Bank of China will employ various tools and measures to adjust market liquidity and ensure market stability while continuing its moderate monetary policy," Zhou told the Lujiazui Forum in Shanghai this morning.
Zhou's words came after a statement released by the central bank on Tuesday that it would adjust cash supply at an appropriate time to rein in fluctuations and stabilize the market.
Financials recovered as interbank lending rates fell for a fifth consecutive day, a sign of easing liquidity crunch.
China Minsheng Banking Corp rose 4.4 percent to 8.57 yuan. Industrial Bank Co gained 4.5 percent to 14.77 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, climbed 5.5 percent to 4.02 yuan.
Property developers advanced as The 21st Century Business Herald said the China Securities Regulatory Commission may relax control on refinancing by homebuilders.
Poly Real Estate, China's second-largest developer, surged 6.2 percent to 9.91 yuan. Gemdale Corp rose 6.7 percent to 6.86 yuan.
The key Shanghai Composite Index advanced 29.19 points, or 1.50 percent, to 1,979.21. Daily turnover was 77.5 billion yuan (US$12.7 billion).
The index ended the month with a 13.97 percent slump, the biggest monthly decline since August 2009 as a cash crunch emerged with interbank borrowing costs rising to record levels. Investors are worried that the liquidity squeeze may further slow economic growth.
"The People's Bank of China will employ various tools and measures to adjust market liquidity and ensure market stability while continuing its moderate monetary policy," Zhou told the Lujiazui Forum in Shanghai this morning.
Zhou's words came after a statement released by the central bank on Tuesday that it would adjust cash supply at an appropriate time to rein in fluctuations and stabilize the market.
Financials recovered as interbank lending rates fell for a fifth consecutive day, a sign of easing liquidity crunch.
China Minsheng Banking Corp rose 4.4 percent to 8.57 yuan. Industrial Bank Co gained 4.5 percent to 14.77 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, climbed 5.5 percent to 4.02 yuan.
Property developers advanced as The 21st Century Business Herald said the China Securities Regulatory Commission may relax control on refinancing by homebuilders.
Poly Real Estate, China's second-largest developer, surged 6.2 percent to 9.91 yuan. Gemdale Corp rose 6.7 percent to 6.86 yuan.
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