Shanghai stocks ride on strong financials
Print Edition
SHANGHAI stocks advanced yesterday as financial institutions surged on key repurchase rate and optimism following the announcement of economic stimulus.
The Shanghai Composite Index rose 0.74 percent to 2,058.83 points. The seven-day repurchase rate, a gauge of funding costs, dropped 107 basis points to 3.02 percent yesterday.
The money rate declined despite a net withdrawal of 62 billion yuan (US$10.2 billion) by the People’s Bank of China this week, the eighth consecutive week of liquidity drain.
Industrial Bank Co Ltd rose 2.1 percent to 9.58 yuan. Hua Xia Bank Co Ltd gained 1.7 percent to 8.53 yuan.
There are high expectations that the central government will step up efforts to bolster the economy after the State Council, China’s cabinet, announced a raft of stimulus measures on Wednesday.
Chen Guo, an analyst at Guangfa Securities, said details on support for the railways are expected to be unveiled within a month.
Shares linked to Tianjin and Hebei surged amid hopes that the development of China’s capital Beijing with its two neighboring provinces will boost the region’s competitiveness.
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