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Shanghai index surges 1.02%, led by blue-chip stocks
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SHANGHAI stocks continued to rally today and the index posted the biggest weekly gain in more than three months. Blue-chip shares advanced amid optimism over economic outlook.
The key Shanghai Composite Index rose 1.02 percent, or 21.55 points, to 2,126.61 with a turnover of 111.4 billion yuan (US$18 billion). The index increased 3.3 percent this week after four days of gains.
“Upbeat economic data and expectation for more stimulus boosted blue-chip real estate firms, financial institutions and energy companies that have been undervalued,” said Xiao Shijun, analyst of 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 also rose on improving liquidity after the People’s Bank of China this week refrained from draining cash from the financial system via repurchase agreements for the first time since February. The seven-day repurchase rate, a gauge of funding costs, fell 16 basis points to 4 percent today, according to the National Interbank Funding Center.
Non-ferrous metal producers led the rally. Rising Nonferrous Metals Share surged by the daily limit of 10 percent to 44.97 yuan. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech jumped 4.4 percent to 21.81 yuan. Xiamen Tungsten increased 4.2 percent to 30.70 yuan.
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