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Shares climb to 18-month high on liquidity
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SHANGHAI shares yesterday rose for a fifth trading day to an 18-month high as sentiment was buoyed by abundant liquidity in the market.
The Shanghai Composite Index added 0.43 percent to close at 2,357.71 points, the highest since March 2013.
The index has rebounded 15 percent this quarter, the most for a three-month period since 2009.
Dong Wangfei, an analyst with Western Securities, attributed the market’s optimism to a decline in borrowing costs among banks, which signaled a fairly easy liquidity condition.
The seven-day repurchase rate, a gauge of interbank funding costs, touched 2.85 percent yesterday, the lowest since May 5.
Industrial companies led the gains on expectations that the HSBC Purchasing Managers’ Index, due to be released today, will reveal a rebound in manufacturing activities.
China Shipbuilding Industry Co, the nation’s largest maker of vessel equipment, jumped by the daily limit of 10 percent to 6.61 yuan (US$1.07). Shanghai Electric Group Co increased 2 percent to close at 5.58 yuan.
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