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Shanghai shares rise 0.74% on stimulus plan
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SHANGHAI stocks rallied today as financial firms surged amid falling funding costs and optimism that new stimulus measures will boost the economy.
The key Shanghai Composite Index rose 0.74 percent to 2,058.83 points. Turnover was only 66.4 billion yuan (US$10.9 billion) at the trading close.
The seven-day repurchase rate, a gauge of funding costs, dropped 107 basis points to 3.02 percent today, even though the central bank drained 62 billion yuan from the money market this week, the eighth week in a row.
Industrial Bank Co Ltd rose 2.1 percent to 9.58 yuan. Hua Xia Bank Co Ltd gained 1.7 percent to 8.53 yuan.
Expectation is running high that the central government will step up efforts to shore up the economy after the State Council, China’s cabinet, announced a raft of stimulus measures on Wednesday, including more investment in shantytown renovations and railway projects and preferential tax policy for small companies.
Chen Guo, analyst with Guangfa Securities, said details about increased spending on railway projects will be revealed in a few weeks.
Tianjin- and Hebei-related shares surged amid expectations that the integration of Beijing, China’s capital, with neighboring cities will boost the region’s competiveness.
Lingyun Industrial Corp Ltd surged by the daily limit of 10 percent to 9.82 yuan. Hebei Baoshuo Co Ltd also soared 10 percent to 8.84 yuan.
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