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May 16, 2017

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Shanghai shares rise for 3rd day

SHANGHAI shares yesterday rose for the third straight trading day on news of the central bank’s pledge to ensure financial liquidity.

The Shanghai Composite Index added 0.22 percent to 3,090.23 points.

Investor concern over China’s tighter financial regulations, which dampened investment sentiment over the past five weeks, eased after the People’s Bank of China said it would help ensure financial liquidity via prudent and neutral monetary policies, said Wang Delun, chief strategic analyst of Industrial Securities.

On Sunday, Premier Li Keqiang said China would balance financial stability, deleveraging and steady economic growth.

Software and digital device producers led gainers as cyber security stocks came under the spotlight after the cyberattack over the weekend.

Shanghai Koal Software Co rose by the daily limit of 10 percent to 66.02 yuan (US$9.58).


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