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Stocks waver, close highest in 2 months
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SHANGHAI stocks ended higher in a wavering session today as small-cap firms provided a boost to the benchmark after China pledged to beef up financial support for small businesses.
The Shanghai Composite Index swung between gains and losses before closing 0.23 percent up at 2,106.16 points, the highest close in two months. Daily turnover was 96.4 billion yuan (US$15.8 billion).
China’s Cabinet said yesterday that it will increase credit supply to small- and micro-sized enterprises while diversifying financial services and making the best of fiscal and tax policies for small and private business.
“The government is expected to continue this kind of targeted loosening policy in the second half of the year as the overall liquidity condition remains tight,” said Shenyin & Wanguo Securities. “That will help to stabilize economic growth while promoting restructuring.”
China last month unveiled temporary tax cuts for small businesses to help them through the economic slowdown.
EGing Photovoltaic Technology Co jumped 3.9 percent to 11.50 yuan. Yonyou Software Co leapt 5.5 percent to 11.74 yuan.
“Downward risk on the market is waning amid a recovering economy, but market performance is depressed by the still tight liquidity,” said Industrial Securities.
People’s Bank of China, the central bank, today injected 11 billion yuan to the country’s money market via seven-day reverse repurchase agreements at a rate of 3.9 percent.
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