Shares end up on week despite last day slump
Print Edition
SHANGHAI shares fell on the last trading day of the Year of the Sheep, as investors took profits, and despite a fourth straight cash injection by the central bank.
The Shanghai Composite Index closed down 0.6 percent at 2,763.49 points, after making gains in the morning session. The gauge ended the week up 0.95 percent, its best of the year so far.
The People’s Bank of China yesterday used reverse repurchase agreements to inject a further 150 billion yuan (US$22.8 billion) into the banking system, taking the total for the year to 2.33 trillion yuan, or about four times the amount injected in the whole of 2015.
“The central bank had to inject record funds to stabilize the financial system as there was a spike in demand for cash ahead of the Spring Festival holiday,” said Wang Ming, chief strategist at Shanghai-based Yaozhi Asset Management Co.
“The amount had to be huge to offset the capital outflows, which were exaggerated by the earlier currency depreciation,” he said.
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