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Shanghai shares inch up on upbeat trade figures
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Shanghai stocks yesterday rose for the fourth consecutive day as easing liquidity conditions continued to support the market while upbeat trade data alleviated concerns about a possible economic slowdown.
The Shanghai Composite Index added 0.3 percent to 2,109.96 points.
“The market was partly buoyed by expectations the global liquidity environment will remain loose after Janet Yellen, the new head of the US Federal Reserve, pledged to keep interest rates low,” said Dong Wangfei, an investment consultant with Western Securities.
“The decline of the Shanghai Interbank Offered Rate also points to easing domestic liquidity conditions,” Dong said.
The seven-day Shibor fell for a second day yesterday, losing 2.3 basis points to 5.18 percent, National Interbank Funding Center data showed.
Strong trade figures also boosted the market.
Chinese exports jumped 10.6 percent year on year in January, up from a 4.3 percent gain in December. Imports surged 10 percent, compared with an 8.3 percent rise in December.
Shares of Tianjin-based companies soared after China Securities Journal reported the city may receive approval to set up a free trade zone this year.
Tianjin Port Co surged 8.31 percent to 8.99 yuan (US$1.48).
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