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Shanghai shares up 0.71% as central bank boosts liquidity
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Shanghai stocks gained this morning as funding costs dropped after the central bank injected liquidity into the money market for the first time in three weeks.
The benchmark Shanghai Composite Index climbed 0.71 percent, or 14.89 points, to 2,104.59. Turnover was 33.4 billion yuan (US$5.5 billion) by the noon break.
The People’s Bank of China today injected 29 billion yuan into the country’s money market via seven-day reverse repurchase agreements.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, fell for the first time in eight days by 264.60 basis points to 6.2 percent this morning, according to the National Interbank Funding Center.
Lenders paced the gains of financial shares. Industrial Bank Co Ltd gained 1.1 percent to 9.89 yuan. Shanghai Pudong Development Bank Co Ltd added 0.5 percent to 9.39 yuan.
Ship makers also advanced. China CSSC Holdings Ltd rose 3.5 percent to 22.18 yuan. Guangzhou Shipyard International Co Ltd increased 5.2 percent to 15.86 yuan.
Shanghai Securities News reported that Guangdong Province has submitted a proposal to the State Council for setting up a free trade zone to facilitate its economic integration with Hong Kong and Macau. The report said the proposal is very likely to be approved.
Related shares soared. Huafa Industrial Co Ltd surged 6.5 percent to 7.54 yuan. Guangzhou Baiyun International Airport Co Ltd advanced 5 percent to 7.17 yuan.
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