Shares end up for first weekly rise in a month
Print Edition
Shanghai stocks ended higher yesterday to notch the first weekly gain in one month, with help from property developers and brokerages.
The Shanghai Composite Index rose 0.6 percent, or 12.21 points, to 2,054.39. For the week, the index gained 2.47 percent after three weeks of losses.
“The market is going through a technical rebound after being oversold,” Shenyin & Wanguo Securities said yesterday. “Improving liquidity situation also helped.”
The seven-day repurchase rate, a gauge of borrowing costs, fell 80 basis points to 4.6 percent yesterday, according to the National Interbank Funding Center.
The People’s Bank of China this week added 375 billion yuan (US$62 billion) to the financial system through repurchase agreements.
Homebuilders rose after Haitong Securities said the valuation of real estate companies has reached a record low after dropping for nearly seven months.
Poly Real Estate, China’s second-largest listed developer, climbed 3 percent to 8.18 yuan. Gemdale Corp gained 1.5 percent to 6.20 yuan.
Brokerages rose on optimism over their earnings as the expansion of China’s over-the-counter market “will boost brokerages’ long-term profitability,” Huatai Securities has said in a report.
The OTC board, a platform for trading of non-listed shares, saw 226 companies register their shares yesterday, bringing the total number of registered firms to 621.
Pacific Securities Co surged 9.9 percent to 7.42 yuan while Founder Securities rose 3.5 percent to 5.87 yuan.
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