Related News
Shanghai shares rebound as liquidity worry eases
Online Edition
Shanghai stocks recovered from yesterday’s big slide in the morning trading, led by financial firms, as concerns over liquidity crunch eased.
The Shanghai Composite Index advanced 0.84 percent to 2,090.59 by the noon break on gains of insurers, securities brokerages and lenders.
Financial stocks rallied after money market rates continued to drop. The seven-day Shanghai Interbank Offered Rate, a key measure of fund availability in the banking system, fell for the fourth consecutive day to 5.067 percent, below its 20-day average.
All short-term Shibor rates fell from their six-month high after the People’s Bank of China pumped liquidity via reverse repurchase operations on Tuesday. But the central bank suspended fund injection yesterday, upsetting many investors.
Lenders gained 1 percent on average this morning. Shanghai Pudong Development Bank added 1.1 percent to 9.19 yuan (US$1.5). Bank of Communications rose 0.5 percent to 3.87 yuan. Industrial and Commercial Bank of China, the nation’s biggest lender, edged up 0.3 percent to 3.56 yuan.
Insurers rallied as well. Ping An Insurance Group advanced 2.6 percent to 40.6 yuan. New China Life Insurance rose 1.5 percent to 22.6 yuan.
China Merchants Securities climbed 3.3 percent to 12.3 yuan. Haitong Securities edged up 0.8 percent to 11.15 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
