Shanghai stocks rise after funds injection
Print Edition
SHANGHAI stocks rose more than 2 percent yesterday after the central bank’s fund injection increased liquidity in the market.
The Shanghai Composite Index gained 2.52 percent to 3,961.38 points.
The People’s Bank of China yesterday pumped 20 billion yuan (US$3.23 billion) into the money market through a seven-day reverse repurchase agreement (repo), a process through which the central bank purchases securities from banks with an agreement to resell them at future dates. The seven-day reverse repo was priced to yield 3.45 percent.
Bank shares rallied. The Industrial Bank surged 6.11 percent to 19.79 yuan, China Everbright Bank jumped 4.56 percent to 5.05 yuan, and the Bank of Nanjing rose 4 percent to 15.60 yuan.
Machinery, transport and telecom stocks rose sharply as investors were optimistic about the momentum the sectors would get from the central government’s push for overseas expansion.
Hubei Chutian Expressway Co and Sichuan Expressway Co both rallied the daily 10 percent limit to 5.90 yuan and 6.91 yuan, while Anhui Expressway Co surged 9.97 percent to 8.16 yuan.
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