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Shanghai market posts first weekly gain in one month
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Shanghai stocks advanced today, posting the first weekly gain in one month, led by homebuilders and brokerages.
The benchmark Shanghai Composite Index edged up 0.6 percent, or 12.21 points, to 2,054.39. Turnover was 82.3 billion yuan by the trading close. The index gained 2.47 percent this week after three weeks of losses.
“The market is going through a technical rebound after being oversold,” Shenyin & Wanguo Securities said today. “Improving liquidity situation also helped,” the broker added.
The seven-day repurchase rate, a gauge of borrowing costs, fell 110 basis points to 4.3 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.
Homebuilders were among the biggest gainers after Haitong Securities said the valuation of real estate companies has reached a record low after declining for nearly seven months.
Poly Real Estate, China’s second-largest homebuilder, climbed 3 percent to 8.18 yuan. Gemdale Corporation gained 1.5 percent to 6.20 yuan. Gree Real Estate Co Ltd increased 2.2 percent to 8.94 yuan.
Brokerages gained amid optimism over their earnings as 266 companies registered their shares on the over-the-counter board, a platform for trading non-listed shares.
The number of registered firms has reached 621. PricewaterhouseCoopers estimated that more than 5,000 companies will be trading on the board in the next five year.
“The expansion of OTC board will boost brokerages’ long-term profitability,” Huatai Securities said in a note earlier.
Pacific Securities Co Ltd surged 9.9 percent to 7.42 yuan. Founder Securities increased 3.5 percent to 5.87 yuan.
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