Shanghai shares hit two-month high
Shanghai stocks closed at a two-month high yesterday after market sentiment was bolstered by the central bank’s fund injection.
The Shanghai Composite Index rose 0.24 percent to 3,444.67 points, the highest close since November 13.
The People’s Bank of China injected a net 100 billion yuan (US$15.5 billion) into the banking system through open market operations, which helped increase liquidity and lifted investor sentiment, Merchants Securities said in a report.
Meanwhile, “investors expect high growth in banks and securities companies as their share prices have stayed at relatively low” for some time, said Liu Li, an analyst at Shanxi Securities.
Zheshang Securities Co soared 9.04 percent to 17.49 yuan, and Bank of Nanjing gained 5.52 percent to 8.99 yuan.