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Shanghai shares up 0.79% as liquidity concern eases
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SHANGHAI stocks gained today, snapping a four-day losing streak, as liquidity condition improved after the central bank injected cash into the financial market for the fourth consecutive week.
The key Shanghai Composite Index rose 0.79 percent, or 16.04 points, to 2,040.88. Turnover was 56.4 billion yuan (US$9.1 billion) at the trading close.
The People’s Bank of China today drained 40 billion yuan from the banking system via 28-day bond repurchase contracts, following a 30 billion-yuan withdrawal on Tuesday. The amount of withdrawals was smaller this week, equal to an injection of 73 billion yuan.
“There are expectations that the central bank will continue to relax its monetary policy as the downward pressure on the economy persists,” said Ye Bingnan, analyst of BOC International (China) Ltd.
The market advanced also because of a Reuters report that global index provider FTSE Group plans to add China’s A-shares to its global index series.
Banks gained after data showed new lending at China’s four biggest banks surged in the last week of May. Industrial and Commercial Bank of China added 1.7 percent to 3.63 yuan. Agricultural Bank of China rose 1.6 percent to 2.52 yuan.
Football-related shares also surged after Chinese e-commerce giant Alibaba said it will acquire a 50 percent stake in China’s top football club Guangzhou Evergrande.
China Sports Industry jumped 7 percent to 10.99 yuan. Jiangsu Sainty surged by the daily limit of 10 percent to 6.27 yuan.
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