Shares rise on cash boost
Print Edition
SHANGHAI stocks rose marginally yesterday following a massive cash injection into the financial system by the central bank.
The Shanghai Composite Index ended up 0.3 percent at 3,042.82 points, as gains in commodities stocks outweighed losses in the energy sector.
“China’s economy is at a ... turning point, with a mix of accommodative policies, economic improvement and moderate inflation underpinning share performance,” UBS Securities said in a note.
The People’s Bank of China yesterday injected 90 billion yuan (US$13.9 billion) into the system through seven-day reverse repurchase deals. The move came after it provided 448 billion yuan in loans to banks over the past week.
Rare-earth stocks were among the biggest gainers yesterday, with Xiamen Tungsten Co rising 8.6 percent to 22.78 yuan, while China Northern Rare Earth (Group) High-Tech Co added 3.6 percent to 13.64 yuan.
Shaanxi Coal Industry Co lost 3.1 percent to 4.74 yuan, while Yunnan Coal & Energy Co fell 1.7 percent to 5.66 yuan.
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