Shares rally 5.5% to hit biggest gain since 2009
Print Edition
SHANGHAI stocks yesterday surged by the most since 2009 in volatile trading after China’s securities regulator pledged to stabilize the stock market, while financial shares rose after interest rates were cut.
The Shanghai Composite Index rallied 5.53 percent to 4,277.22 points. It was its biggest gain since March 4, 2009.
The benchmark index swung 432 points from the highs and lows, its biggest intraday swing since 1992.
Zhang Xiaojun, a spokesperson for the China Securities Regulatory Commission, said in an online reply to media inquiries late on Monday that a stable and healthy stock market is necessary for China’s social and economic development.
The Chinese government has continued pushing ongoing reforms and injecting adequate liquidity in an effort to revive a slowing economy, said Zhang, adding that China’s capital market will further open by attracting long-term funds from overseas.
Zhang also said China will improve the existing stock trading connection between Shanghai and Hong Kong and launch a similar link between Shenzhen and Hong Kong bourses in due course.
The authorities will also improve investment-friendly programs such as the Qualified Foreign Institutional Investors and the RMB Qualified Foreign Institutional Investors.
“After the recent correction, investors might think stocks are oversold and hope regulators will introduce further measures to support the market,” Shen Zhengyang, an analyst at Northeast Securities Co, told Bloomberg News.
Bank shares rose as the central bank’s reserve requirement ratio cut over the weekend may inject about 650 billion yuan (US$105 billion) of funds into the banking system and the interest rate cut might lower the interbank rate and financing costs in the economy.
The Bank Of Communications surged by the daily 10 percent limit to 8.24 yuan, China Construction Bank rose 7.7 percent to 7.13 yuan, and the Bank of China gained 7.24 percent to 4.89 yuan.
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