Shares rise on speculation of more stimulus
Print Edition
SHANGHAI shares yesterday rose for the fourth straight day as financial firms again led gainers on speculation of further government stimulus.
The Shanghai Composite Index climbed 1.35 percent to 3,584.82 points.
The Bank of China rose 3.83 percent to 4.34 yuan (68 US cents), leading a gauge of financial stocks to a four-month high.
“Financials led again as speculation of more monetary stimulus swirled in the market,” Clement Cheng, a trader at RBC Investment Management, told Bloomberg News.
Technology shares also gained, with Hundsun Technology Inc up 3.49 percent to 66.55 yuan.
PetroChina Co added 2.08 percent to 8.82 yuan, leading gains in energy stocks as Brent futures rebounded from the lowest price in over six years.
Sentiment also rose as some of the 2 trillion yuan in Tuesday’s initial public offerings of eight firms are likely to flow back into the market today.
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