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Shanghai shares surge 1.36%, biggest gain over a month
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Shanghai stocks gained the most in more than one month as financial shares rebounded on improving liquidity condition.
The benchmark Shanghai Composite Index rose 1.36 percent, the biggest daily advance since November 18, to settle at 2,101.25 points. Turnover was 66.4 billion yuan (US$10.9 billion) at the trading close. The index added 0.79 percent this week.
The seven-day repurchase rate, a gauge of funding costs in the interbank market, declined 24 basis points to 5.09 percent today, data from the National Interbank Funding Center showed. The rate this week posted the biggest weekly decline since February 2011, according to the Bloomberg.
“The market is largely lifted by a technical rebound after going through a sharp decline a day earlier,” said Shenyin & Wanguo Securities. “The rebound is likely to be limited because of a weak trading volume,” the broker added.
Lenders rallied on a bout of bargain-hunt after data showed 13 of the 16 listed banks were trading below their net asset value.
Hua Xia Bank Co Ltd rose 3.5 percent to 8.20 yuan. Industrial Bank Co Ltd gained 2.7 percent to 9.93 yuan. China Citic Bank Corp Ltd increased 1.6 percent to 3.79 yuan.
Brokerages also advanced as analysts are optimistic about China’s capital market reform.
Tian Weidong, analyst with Kaiyuan Securities, said in a note today that the brokerages are expected to have a strong year in 2014 as the reboot of initial public offerings and an expansion of the over-the-counter share trading market will add to their income sources.
China granted US$450 million in quota to Qualified Foreign Institutional Investors this month, bringing the total quota issued under the program to US$49.7 billion, according to data released by the State Administration of Foreign Exchange today.
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