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Shanghai shares up 0.26% on liquidity boost
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SHANGHAI stocks closed higher today after the central bank injected liquidity to ease cash crunch during the Spring Festival holiday.
The benchmark Shanghai Composite Index gained 0.26 percent, or 5.21 points, to 2,038.51. Daily turnover was 65.8 billion yuan (US$10.8 billion).
The People’s Bank of China, the central bank, today poured 150 billion yuan into the financial system via 14-day reverse repurchase agreements to curb soaring funding costs ahead of the Spring Festival.
The seven-day Shanghai Interbank Offered Rate, a gauge of money rates, rose 27.7 basis points today to 5 percent, according to the National Interbank Funding Center.
“The room for money rates to rise further is limited as the central bank continued to ease the cash shortage,” said CITIC Securities.
Lenders gained among financial counters. Industrial Bank Co Ltd rose 2.2 percent to 9.42 yuan. Bank of Communications Co Ltd added 1.3 percent to 3.80 yuan. China Minsheng Banking Corp Ltd climbed 2 percent to 7.19 yuan.
Shenyin & Wanguo Securities said the market will be trading in a tight range as investors grow cautious ahead of the week-long holiday.
Slower growth in Chinese industrial profits reignited concern about economic slowdown.
Profits made by China’s industrial enterprises increased 6 percent year-on-year in December to 942.5 billion, moderating from a 9.7 percent growth in November, the National Statistics Bureau said.
Small-cap media and IT firms were hit as investors locked in profits for holiday.
BesTV New Media Co Ltd lost 4.3 percent to 39.89 yuan. Time Publishing And Media Co Ltd shed 2.1 percent to 20.83 yuan. Shanghai Xinhua Media Co Ltd slipped 2.9 percent to 8.66 yuan.
PCI-Suntek Technology Co Ltd slumped 5.1 percent to 15.15 yuan. Glarun Technology Co Ltd declined 4.3 percent to 41.53 yuan.
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