Shares end at highest in 6 weeks on liquidity
Print Edition
Shanghai stocks rose to a six-week high yesterday as funding costs fell to a one-month low, pointing to improving market liquidity.
The Shanghai Composite Index gained 0.83 percent to 2,115.85 points, the highest close since December 31.
For the week, the index rose 3.49 percent, the biggest weekly gain since September, buoyed by ample market liquidity after the weeklong Spring Festival holiday.
Funding costs fell for a fourth consecutive day, with the seven-day Shanghai Interbank Offered Rate dropping 58.5 basis points to a one-month low of 4.44 percent yesterday, according to the National Interbank Funding Center.
Meanwhile, China’s Consumer Price Index, a main gauge of inflation, rose 2.5 percent year on year in January, the same as in December, which was the lowest since May, the National Bureau of Statistics said.
Producer prices fell for 23 months in a row by 1.6 percent year on year last month, widening from a decline of 1.4 percent in December.
“We believe there is increasing possibility for monetary loosening as consumer inflation stays low while domestic demand is weak as reflected by rising deflationary pressure at factories,” said Xu Gao, analyst with Everbright Securities.
Kweichow Moutai Co jumped 5.3 percent to 142.90 yuan (US$23.55), and Shanxi Xinghuacun Fen Wine Factory Co gained 3.8 percent to 17.32 yuan.
Gold shares gained after spot gold posted the biggest weekly rise since October to a three-month high. Shandong Gold Mining Co added 0.52 percent to 17.38 yuan. Zhongjin Gold Corp rose 0.59 percent to 8.48 yuan.
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