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Shanghai stocks surge 2.03%, fueled by liquidity expectations
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Shanghai stocks rallied today, for the second trading day after the weeklong Chinese New Year holiday, on expectations of easing liquidity.
The Shanghai Composite Index jumped 2.03 percent to 2,086.07 points today, the highest level in a month. Market sentiment was lifted by expectation of easing liquidity in 2014.
The People’s Bank of China said on Saturday that it will continue to implement prudent monetary policy but will use a combination of tools such as open-market operations, cash reserve ratio, and rediscount lending to adjust liquidity in the banking system.
The central bank said it will guide financial institutions to support the economy in ways that suite changing conditions.
All lenders gained. China CITIC Bank soared 4.3 percent to 3.8 yuan (US$0.62). Shanghai Pudong Development Bank rose 1.2 percent to 9.29 yuan. Bank of Communications, the country’s fifth-biggest lender, advanced 0.8 percent to 3.8 yuan. ICBC, China’s largest bank, added 0.6 percent to 3.42 yuan.
Automobile manufacturers jumped 5 percent on average as the government extended subsidies for electric cars. Dongfeng Automobile Co rose 3.8 percent to 3 yuan. SAIC Motor Co climbed 4.1 percent to 13.48 yuan. Guangzhou Automobile Group Co surged 7.2 percent to 8.01 yuan.
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