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Stocks inch up early on liquidity expectations
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SHANGHAI stocks inched up in morning trading, helped by the gains of lenders as investors expect liquidity condition to ease.
The benchmark Shanghai Composite Index added 0.36 percent, or 7.51 points, to 2,093.58. Half-day turnover was 75.3 billion yuan (US$12.3 billion).
“Easing liquidity pressure is the main driving force behind the market rebound,” Dongguan Securities said in a note today.
“The central bank’s wording in its monetary policy report also helped to ease concern about liquidity,” the broker added.
The People’s Bank of China said it will continue to adopt a prudent monetary policy and to adjust market liquidity appropriately with a combination of tools such as open market operations, deposit reserve rates and rediscount rates.
China CITIC Bank Corp Ltd led the advance of lenders, jumping 8.2 percent to 4.11 yuan. China Minsheng Banking Corp Ltd rose 3.4 percent to 7.62 yuan. Industrial Bank Co Ltd gained 3.1 percent to 9.77 yuan.
Tourism shares advanced as data showed tourism revenue during the Spring Festival holiday this year rose 16.4 percent year on year to 126.4 billion yuan.
China International Travel Service Corp Ltd surged by the daily limit of 10 percent to 37.83 yuan. Huangshan Tourism Development Co Ltd added 2.4 percent to 11.32 yuan.
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