Bloomberg (24/12) -- China’s
stocks rose for a second day, led by technology shares and Guangdong
province-based companies. Drugmakers and banks declined.
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The
Shanghai Composite Index rose 0.2 percent to 2,092.91 at the close. The
gauge has lost 5.8 percent this month, poised for the biggest decline
since June. While the central bank’s first reverse-repurchase operations
in three weeks sent money-market rates lower today, investors are
concerned this trend won’t last, said West China Securities Co.
The
People’s Bank of China auctioned 29 billion yuan ($4.8 billion) of
seven-day reverse repos, according to two traders. The seven-day
repurchase rate, a gauge of funding availability in the banking system,
tumbled 278 basis points to 6.45 percent as of 3:19 p.m.
Soaring
money-market rates in China sparked a stock sell-off this month that’s
wiped $156 billion of market value from local equities, which are poised
for the biggest monthly loss since a record cash crunch earlier this
year.
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