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Shanghai shares post 6-day rally on improving economy, liquidity
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SHANGHAI stocks gained for a sixth straight day today as market sentiment stayed high over economic recovery and improving liquidity. The key Shanghai Composite Index added 0.24 percent, or 5.24 points, to 2,183.19. Turnover was 159.3 billion yuan (US$25.7 billion) today.
“Economic recovery and improving liquidity condition are key drivers behind this round of rebound in A-share market,” CITIC Securities said in a note today.
“Market enthusiasm over the Shanghai-Hong Kong Stock Connect is directing funds to blue chips of financial institutions, property developers and materials producers,” the broker said. But it warned that the current rebound won’t last long as the government may not want further easing to get in the way of economic restructuring.
Data from the National Interbank Funding Center showed the seven-day repurchase, a gauge of funding costs, fell 10.60 basis points to 3.9 percent today even though the People’s Bank of China drained 15 billion yuan from the money market via 28-day repurchase agreements.
Electric vehicle makers and battery producers gained after media reports that Beijing is planning to add 1,300 electric taxis this year. Anhui Jianghuai Automobile jumped 7 percent to 13.03 yuan. Ningbo Joyson Electronics rose 2.6 percent to 27.34 yuan.
Shares linked to Shanghai free trade zone also advanced as a new law on the management of the zone is coming into effect on August 1.
Shanghai Waigaoqiao Free Trade Zone Development gained 4 percent to 27.92 yuan. Shanghai Jinqiao Export Processing Zone Development surged 8.7 percent to 11.77 yuan. Shanghai Lujiazui Finance & Trade Zone Development rose 5.8 percent to 17.49 yuan.
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