Stocks rebound after bank’s injection
Print Edition
SHANGHAI stocks rebounded yesterday after trading lower for five consecutive days, with the central bank injecting considerable liquidity.
The Shanghai Composite Index rose 2.45 percent, or 76.61 points, to 3,204.91 points on turnover of 283.36 billion yuan (US$45.31 billion).
The People’s Bank of China said it had made 90 billion yuan worth of transactions on the day, including seven-day reverse repos of 35 billion yuan at an interest rate of 3.85 percent, and 28-day reverse repos worth 55 billion yuan at a rate of 4.80 percent.
Huatai Securities said the weak consumer price index suggested the possibility of a stronger deflation and the market had been calling for a loosened monetary policy.
Huatai Securities said there were restraints over a substantial policy change by the central bank, because concerns about the real economy had increased as a large portion of capital was flowing into the virtual economy after previous interest rate cuts.
Haitong Securities rose 6.12 percent to 20.63 yuan, CITIC Securities gained 5.50 percent to 28.4o yuan, Soochow Securities jumped 5.12 percent to 17.85 yuan.
Ports gained after the State Council announced plans for a simplified Customs clearance procedure. The government is to reform the management and legislation in China’s several large free trade zones and key ports and measures will also include the introduction of a new digital information platform.
Tangshan Port gained 2.47 percent to 12.01 yuan, Jiangsu Lianyungang Port rose 2.12 percent to 9.15 yuan, while Ningbo Marine was up 1.88 percent to 4.89 yuan.
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