Stocks close up after sentiment improves
Shanghai stocks closed up on Thursday as market sentiment improved thanks to more liquidity and regained confidence.
The Shanghai Composite Index rose 0.11 percent to close at 2,991.33 points.
Shares of catering companies, building materials and media enterprises were among the biggest gainers.
The People's Bank of China said it would ensure ample liquidity through targeted reserve requirement ratio cuts at the appropriate time.
The central bank’s support for the economy includes reducing interest rates and flushing the market with liquidity. It has also said it will provide special funds for banks to lend to businesses. The government also said it will keep the macro leverage ratio and prices stable.
Xiao Yuanqi, chief risk officer of the China Banking and Insurance Regulatory Commission, said banking institutions had lent 953.5 billion yuan (US$135.9 billion) to counter COVID-19 as of February 26.
Fu Jian Anjoy Foods Co Ltd jumped 9.24 percent to 78.50 yuan and Hundsun Technologies Inc added 6.22 percent to 100.91 yuan.