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Shares gain the most in 3 weeks
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Shanghai stocks gained the most in three weeks yesterday as fears of a cash squeeze eased as funding costs declined.
The Shanghai Composite Index rose for the third consecutive day, adding 0.64 percent, the biggest daily increase since December 4, to close at 2,106.35 points.
China’s money rates yesterday continued to decline after the People’s Bank of China, the central bank, on Tuesday conducted the first reverse repurchase agreements in three weeks.
The seven-day Shanghai Interbank Offered Rate fell again yesterday by 58.1 basis points to 5.6 percent, according to the National Interbank Funding Center.
“The move helped ease market panic,” CITIC Securities said in a note yesterday.
Small-cap shares followed the advance of their peers in the Shenzhen market as ChiNext, China’s Nasdaq-style board, surged 2.4 percent to 1,288.34 points.
Time Publishing and Media Co jumped by the daily limit of 10 percent to close at 17.30 yuan (US$2.85). Jiangsu Phoenix Publishing and Media Corp increased 5.8 percent to finish at 9.63 yuan.
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