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Stocks climb as funding costs fall to a month low
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Shanghai stocks advanced to the highest in six weeks as funding costs dropped to a one-month low, pointing to improving market liquidity.
The benchmark Shanghai Composite Index gained 0.83 percent, or 17.45 points, to 2,115.85, the highest close since December 31. Daily turnover was 97.4 billion yuan (US$16 billion).
The index rose 3.49 percent this week, the biggest weekly increase since September, boosted by ample market liquidity.
Funding costs fell for the fourth consecutive day, with the seven-day Shanghai Interbank Offered Rate sliding 58.50 basis points to a one-month low of 4.44 percent, according to the National Interbank Funding Center.
Data from the National Statistics Bureau showed China's consumer price index, a main gauge of inflation, rose 2.5 percent year-on-year in January, same as in December and the lowest since May.
Producer prices fell, 23 months in a row, in January by 1.6 percent from a year earlier, widening from a 1.4 percent decline in December.
“We anticipate more monetary easing as consumer inflation remains low and domestic demand is weakened by rising deflationary pressure at factories,” said Xu Gao, analyst with Everbright Securities.
Distilleries lifted the market. Kweichow Moutai Co Ltd jumped 5.3 percent to 142.90 yuan. Shanxi Xinghuacun Fen Wine Factory Co Ltd gained 3.8 percent to 17.32 yuan.
Gold mines gained after the spot gold price surged to a three-month high. Shandong Gold Mining Co Ltd added 0.52 percent to 17.38 yuan. Zhongjin Gold Corp Ltd rose 0.59 percent to 8.48 yuan.
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