Shares rise as liquidity woes ease
Print Edition
CHINESE stocks yesterday rallied strongly, extending Tuesday’s gains, as investor worries over a liquidity crunch in June eased due to recent central bank moves.
The Shanghai Composite Index gained 1.23 percent to close at 3,140.32 points. It marked the largest daily gain since May 25 when the index rose 1.43 percent.
The Shenzhen Component Index jumped 1.96 percent to 10,109.88 points. The ChiNext Index, China’s NASDAQ-style board, rose 1.89 percent to close at 1,799.85 points.
Investors drew solace from the recent string of open market operations by China’s central bank to ease market worries over tightening liquidity, and their risk appetite was reignited, said Sun Xiwei, chief investment strategist at CITIC Securities.
The People’s Bank of China on Monday injected 30 billion yuan (US$4.4 billion) into the financial system through 28-day reverse repos. On Tuesday it injected 498 billion yuan into the financial system via the medium-term lending facility, with the loans to mature in one year.
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