Stocks up for 3rd day on increased liquidity
Print Edition
SHANGHAI stocks yesterday rose for a third straight day on improving liquidity and a warmer economic outlook.
The benchmark Shanghai Composite Index gained 0.44 percent to 2,059.42 points.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, fell to 3.927 percent from a three-month peak of 4.42 percent on Monday.
“Turnover has been expanding and sentiment has improved since the rebound on June 20,” said Dong Wangfei, an analyst with Western Securities.
“Economic data indicate a recovery is well under way, and today’s dip in the interbank borrowing rate suggests liquidity is abundant,” he said.
The manufacturing Purchasing Managers’ Index rose for a fourth straight month in June to 51, its highest level this year.
With the banking regulator adjusting the calculation method for banks’ loan-to-deposit ratios to release more cash, and the central bank keen to keep monetary policies stable, it’s clear the authorities are taking measures to support the economy, Dong said.
Coal miners led the gainers on reports the Shaanxi government is working on a financing plan for the sector.
Shanxi Coal International Energy Group rose by the 10 percent daily limit to 3.96 yuan (64 US cents), while Datong Coal Industry Co added 4.1 percent to 5.79 yuan.
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