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Shanghai shares up 1.7%, led by developers, distilleries
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Shanghai stocks extended gains in morning trading, lifted by developers and distilleries, as short-term funding costs continued to drop.
The benchmark Shanghai Composite Index increased 1.7 percent, or 33.53 points, to 2,041.84. Turnover was 48.9 billion yuan (US$8 billion) by the noon break.
“The easing of cash crunch is the main reason that pushed the index up,” said Dongguan Securities.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, fell for a second day today by 31.1 basis points to 5.2 percent, according to the National Interbank Funding Center.
Property developers led the gains. Poly Real Estate, China’s second-largest homebuilder, rose 6.1 percent to 8 yuan. Gemdale Corporation surged 6 percent to 6.26 yuan. Gree Real Estate Co Ltd jumped by the daily limit of 10 percent to 8.68 yuan.
Distilleries also advanced. Kweichow Moutai Co Ltd climbed 4.9 percent to 133.25 yuan. Sichuan Swellfun Co Ltd increased 4.2 percent to 9.38 yuan.
Anhui Yingliu Electromechanical Co Ltd, the second company to float shares in the Shanghai market after the IPO freeze, surged 41.2 percent to 11.69 yuan.
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