Stocks surge amid optimism
Print Edition
AMID growing optimism, Shanghai stocks rallied yesterday, sending the index to its biggest weekly gain in more than three months.
The key Shanghai Composite Index rose 1.02 percent, or 21.55 points, to 2,126.61. The index added 3.3 percent this week after four days of gains, fueled by signs of economic rebound and as a number of cities eased curbs on housing purchase.
“Upbeat economic data and expectations of more stimuli lifted blue chips of property developers, financial institutions and energy companies that have been undervalued,” said Xiao Shijun, analyst with Guodu Securities.
The latest data from HSBC Holdings Plc showed China’s manufacturing sector may have expanded at the fastest pace in 18 months as both domestic and overseas demands improved.
The market was also boosted by the easing of liquidity condition after the People’s Bank of China this week refrained from money withdrawal through repurchase agreements, the first time since February.
The seven-day repurchase rate, a gauge of funding costs, fell 5 basis points to 4.11 percent yesterday, data from the National Interbank Funding Center showed.
Rising Nonferrous Metals shares surged by the daily limit of 10 percent to 44.97 yuan (US$7.26). Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech jumped 4.4 percent to 21.81 yuan. Xiamen Tungsten soared 4.2 percent to 30.70 yuan.
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