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Stocks extend gains on financial measures
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SHANGHAI stocks yesterday rose for the second consecutive day after the central bank took more measures to improve liquidity conditions.
The Shanghai Composite Index rose 0.35 percent to 2,315.93 points. The benchmark has risen 16 percent since mid-March and trades at 8.4 times projected 12-month earnings.
China CITIC Bank led an advance for lenders, rallying 4.6 percent. The Bank of Communications advanced 1.9 percent.
The People’s Bank of China cut a rate it pays on repurchase agreements to the lowest since January 2011. The move came after the central bank supplied 500 billion yuan (US$82 billion) to the nation’s largest lenders.
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