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Shanghai stocks higher, helped by growth enterprises
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Shanghai stocks edged up in morning trading as growth enterprises rallied, but the real estate sector remained depressed over fears of a credit crunch.
The benchmark Shanghai Composite Index added 0.1 percent, or 1.98 points, to 2,078.67. Turnover was 59.1 billion yuan (US$9.7 billion) by the noon break.
“Small-cap shares of media, technology and leisure service companies outperformed because investors are betting on sectors that will benefit from China’s economic restructuring,” said Shenyin & Wanguo Securities.
Media companies and electronics manufacturers tracked the gains of their peers on the Shenzhen market. The ChiNext, a China’s Nasdaq-style board for growth companies, rose 2 percent to a record 1571.18 points before paring earlier gains to 0.24 percent at midday.
Changjiang Publishing & Media Co Ltd surged 7.2 percent to 9.96 yuan. Zhejiang Daily Media Group rose 3.5 percent to 41 yuan.
“But it’s better to be cautious due to increasing downward trend of economic fundamentals and liquidity risks,” the brokerage warned.
The People’s Bank of China today drained 100 billion yuan from the banking system via 14-day repurchase agreements at a yield of 3.8 percent, according to a statement on the central bank’s website.
Most property shares fell as the market still worried about credit tightening in the sector. Poly Real Estate, China’s second-largest homebuilder, shed 0.4 percent to 6.74 yuan. China Enterprise Co Ltd declined 3 percent to 6.45 yuan.
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