Shares rise for 2nd day on stability measures
Print Edition
SHANGHAI shares extended their recovery for a second day yesterday as the Chinese government will continue to stabilize the market.
The Shanghai Composite Index rose 4.8 percent to close at 3,232.35 points, paring the week’s loss to 7.9 percent. It has been a wild week for China’s equity market investors as a crash wiped nearly 17 percent off the index in three days before the rebound.
China Securities Finance Corp, the state margin lender tasked with stabilizing the stock market, has applied for a one-year loan worth 1.4 trillion yuan (US$219.19 billion) from banks to fund buying of shares, business magazine Caixin reported yesterday, citing unnamed sources from banks.
“It sent an obvious signal that the government will continue to act to stabilize the market,” Guangzhou Wanlong Securities Consulting wrote in a note.
Around 2 trillion yuan of China’s pension fund will be invested in stocks and other assets as soon as possible, senior government officials said yesterday.
Property developers gained after China eased rules for foreigners to invest in the property market. Poly Real Estate Group Co added 4.9 percent to 8.13 yuan while Gree Real Estate Co rose 9.5 percent to 20.69 yuan.
Banks were mixed after China’s biggest lenders reported weak profit growth and rising bad loans for the first half of the year.
The Agriculture Bank of China rose 1 percent to 3.01 yuan and the Industrial and Commercial Bank of China, the world’s biggest lender by assets, declined 0.24 percent to close at 4.23 yuan.
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