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Shanghai shares rally in morning session, led by cement, metal firms
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SHANGHAI stocks recovered some losses this morning after declining for four consecutive days. Cement and metal producers gained the most.
The key Shanghai Composite Index added 0.14 percent, or 2.85 points, to 2,037.06. Turnover was 53.6 billion yuan (US$8.8 billion) by the noon break.
Analysts said the market is under a technical rebound after dramatic falls in the past few days.
The Shanghai Composite sank more than 5 percent in the past four trading days, dogged by fears of a credit tightening in the real estate sector and concerns about capital flight after the Chinese yuan fell to a six-month low against the US dollar.
Funding costs continued to drop despite liquidity drain by the central bank yesterday.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding availability, fell 20.60 basis points to 3.07 percent in Shanghai, data from the National Interbank Funding Center showed.
Cement firms led the market up after losses in previous sessions, caused by speculation about a credit crunch in the real estate sector. Fujian Cement Inc jumped 5.4 percent to 6.79 yuan. Zhejiang Jianfeng Group Co Ltd surged 7 percent to 10.53 yuan.
Metal producers also advanced. Shandong Gold Mining Co Ltd added 6.1 percent to 17.59 yuan. Ningbo Boway Alloy Material Co Ltd gained 7.2 percent to 15.82 yuan.
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