Stocks end flat as data on liquidity reassuring
Print Edition
SHANGHAI stocks closed almost flat yesterday as positive liquidity data from China’s central bank offset profit-taking pressure over new share offers.
The Shanghai Composite Index shed 0.01 percent to 4,909.98 points.
Subscriptions opened for 12 initial public offerings yesterday following 11 on Tuesday. The subscriptions were expected to lock up more than US$1 trillion.
The People’s Bank of China said late on Tuesday that from January to May, it provided pledged supplementary lending (PSL) of 262.8 billion yuan (US$42.4 billion) to financial institutions.
Began in 2014, the PSL program is designed to boost liquidity in certain sectors by offering low-cost loans to select lenders.
The PSL interest rate is 3.1 percent, down from 4.5 percent.
Haitong Securities said the PSL operation indicated the central government’s monetary policy will continue to ease in the future amid a weak economy.
Shaanxi Aerospace Power Hi-Tech Co dropped 5.1 percent to 36.32 yuan, and Aerospace Hi-Tech Holding Group Co lost 4.99 percent to close at 70.31 yuan.
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