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Shares climb 1.4% on tech, media firms
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SHANGHAI stocks rose yesterday as investors sought small-cap technology and media companies, while the central bank doubled liquidity injection ahead of upcoming new share sales.
The Shanghai Composite Index gained 1.4 percent to close at 3,617.06 points.
Technology companies rose, with Jiangsu Changjiang Electronics Technology Co surging by the daily limit of 10 percent and Sanan Optoelectronics Co jumping 8.2 percent.
Media firms also gained, with Jiangsu Phoenix Publishing and Media Corp adding 10 percent while Beijing Gehua CATV Network Co rising 4.1 percent.
The People’s Bank of China yesterday injected 20 billion yuan (US$3.1 billion) into the financial market through seven-day reverse repurchase agreements in open-market operations. The amount was up from 10 billion yuan in the past seven injections since October 27.
China’s securities regulator lifted a four-month ban on initial public offerings this month, allowing 28 companies whose listings have already been approved to go public by year end.
Ten of them are expected to start new share sales as soon as next week after they update their listing documents, analysts said.
Huatai Securities expected the 10 IPOs to freeze funds of more than 960 billion yuan.
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