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Shanghai shares rise on optimism over capital injection
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SHANGHAI stocks rose today amid speculation that China’s central bank will inject cash to lenders in a bid to ensure market liquidity ahead of a batch of new initial public offerings.
The benchmark Shanghai Composite Index added 0.66 percent, or 15.54 points, to 2,356.73. Turnover was 141.8 billion yuan (US$23.1 billion) at the trading close.
The market was bolstered by media reports that the People’s Bank of China will provide 200 billion yuan in liquidity to several commercial banks through Pledged Supplementary Lending (PSL), a type of supplementary lending instrument backed by collateral. China International Capital Corp expected the injection may be as much as 400 billion yuan.
The injection will come as the latest targeted easing measure by the central bank to stimulate the world’s second largest economy that is dogged by weak domestic demand and a sluggish property sector.
Shenyin & Wanguo Securities said the market gain was capped by the third-quarter economic data that is due later this week as well as the upcoming IPOs.
Nine companies will start to take IPO subscriptions this week, which are expected to lock up 700 billion yuan of funds.
Technology companies rose on hopes the government will soon start to use homegrown operating systems after it banned the use of Window 8. Yonyou Software jumped 7.21 percent to 18 yuan. China National Software & Service gained 3 percent to 28.10 yuan.
Shares related to the sport industry also gained after the government said it plans to increase the sector’s total value to more than 5 trillion yuan by 2025. Shanghai Lansheng rose 4.6 percent to 20.22 yuan. Jiangsu Sainty jumped 6.5 percent to 9.36 yuan.
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