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Shanghai market up 0.55% in morning session
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SHANGHAI stocks inched up this morning as declining funding costs point to improving market liquidity.
The benchmark Shanghai Composite Index gained 0.55 percent, or 10.51 points, to 2108.91. Turnover was 51.2 billion yuan (US$8.44) by the noon break.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding availability, dropped 58.50 basis points this morning to 4.43 percent, the lowest level in one month, data from the National Interbank Funding Center showed.
Data from the National Statistics Bureau showed China's consumer price index, a main gauge of inflation, rose 2.5 percent year on year in January, the same as in December.
Analysts said the current inflation level is unlikely to be a concern for policy makers in the short term.
Environment-related shares performed well after a State Council meeting on Wednesday, chaired by Premier Li Keqiang, discussed policies to reduce air pollution and earmarked 10 billion yuan to support an anti-pollution plan.
Tourism and catering stocks also advanced on the eve of the Valentine’s and the Lantern Festival, both happening tonight.
Xi'an Qujiang Cultural Tourism Co Ltd. rose 6.84 percent to 13.43 yuan. Zhejiang Feida Environmental Science & Technology Co Ltd gained 1.67 to 22.50 yuan.
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