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Shanghai shares up 0.2% amid expectation for policy easing
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SHANGHAI stocks eked out a small gain today amid hopes that the government will continue to shore up economic growth through policy easing.
The key Shanghai Composite Index added 0.2 percent, or 4.09 points, to 2,064.02. Turnover was 81.6 billion yuan (US$13.2 billion) at trading close.
China will adopt different monetary tools in a flexible manner to keep liquidity moderate and credit growing at an appropriate pace, the People's Bank of China said yesterday after a quarterly monetary policy meeting.
“Policymakers are expected to further relax monetary policies as the downward pressure on economy continues and inflation stays at a low level,” Jiang Chao, analyst of Haitong Securities wrote in a note today.
“A significant decrease in foreign capital inflows also allows more room for the central bank to employ various easing tools,” Jiang said.
The central bank’s yuan funds outstanding for foreign exchange grew by 361 million yuan in May, a sharp drop from an increase of 84.6 billion yuan in April, according to the PBOC’s balance sheet.
Navigation service companies continued a bull run after media reports said Chinese Internet giant Alibaba Group may invest tens of billions of yuan in the sector in the next few years. North Navigation Control Technology surged by the daily limit of 10 percent for the second day to 15.17 yuan.
Datang International Power Generation jumped 10 percent to 3.92 yuan after it announced a plan to restructure its coal-to-chemicals business.
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