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Shanghai shares rise after cash injection into money market
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SHANGHAI stocks advanced today as market sentiment was boosted by easing liquidity after the central bank injected cash into the money market while property developers gained on robust sales during the National Day holiday.
The Shanghai Composite Index rose 1.08 percent to 2,198.20 points. Daily turnover was 115 billion yuan (US$18.9 billion).
The overnight repurchase rate, a gauge of interbank funding availability, fell 7.40 basis points to 3.05 percent in Shanghai today, the lowest level in nearly three weeks, according to data from the National Interbank Funding Center.
The decline came after the People’s Bank of China added 65 billion yuan to the country’s money market via seven-day reverse repurchase agreements.
Property developers gained after strong sales during the holiday. Data from Beijing’s housing commission showed a total of 783 units of new homes were sold in the city between October 1 and October 6, a 100 percent surge year on year.
Poly Real Estate, the country’s second largest developer, gained 5.1 percent to 10.38 yuan. Gemdale Corporation gained 3.8 percent to 6.25 yuan. Gree Real Estate Co jumped the daily limit of 10 percent to close at 8.38 yuan.
Companies in the environmental protection sector also gained amid speculation the government will step up efforts to combat pollution after cities in northern China suffered heavy air pollution during the holiday that caused the cancellation of flights and high-speed train services.
Beijing Capital Co, a company specializing in wastewater disposal, rose 4.5 percent to 7.23 yuan. Tianjin Capital Environmental Protection Group Co gained 5.4 percent to 8.54 yuan.
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