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Shanghai shares up 0.39% in morning trading
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Shanghai stocks traded higher in the morning session with pharmaceutical and financial shares among the biggest gainers.
The key Shanghai Composite Index added 0.39 percent, or 8.20 points, to 2,093. Half-day turnover stood at 34.2 billion yuan (US$5.6 billion).
Analysts said the market is due for a technical rebound after falling for nine days in a row amid soaring interbank lending rates.
The A-share market languished last week with the worst liquidity crunch since June. The Shanghai Composite fell 5.1 percent, the biggest weekly decline in more than two years.
The People’s Bank of China last week injected 300 billion yuan into the money market through short-term liquidity operations.
Shenyin & Wanguo Securities said the central bank’s move is unlikely to restore market confidence and the index is expected to continue a weak run amid high money rates.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, rose again this morning by 118.90 points to 8.84 percent, data from the National Interbank Funding Center showed.
Pharmaceutical companies soared. Beijing Tiantan Biological Products Corp Ltd surged 8.5 percent to 24.82 yuan. North China Pharmaceutical Co Ltd gained 5.8 percent to 5.15 yuan.
Lenders gained among financial shares. China CITIC Bank Corp Ltd rose 6.4 percent to 3.81 yuan. Bank of Communications Co Ltd advanced 2.9 percent to 3.97 yuan.
The Shanghai Stock Exchange said yesterday on its microblog that the sudden sell-off of bank shares, including those of China Construction Bank Corp, China CITIC Bank and Bank of Communications, on Friday was due to the adjustment of investment portfolios by foreign institutional investors.
The adjustment followed the change of the weight of some components in foreign indexes for stocks on the Shanghai and Shenzhen stock exchanges, the SSE said.
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