Shares rise on repo injection

Source: Xinhua | 2017-07-21

SHANGHAI shares rose for the third straight day yesterday boosted by graphene and battery producers and also by the Chinese central bank’s injection of funds into the banking system.

The Shanghai Composite Index added 0.43 percent to end at 3,244.86 points.

The People’s Bank of China injected 60 billion yuan via repurchase agreements, or repos, yesterday.

High-tech startups, especially new materials producers, remained a highlight as they attracted funds from mainland investors, said Chen Jian, consultant at Datong Securities.

Graphene firm Baotailong New Materials Co jumped 9.96 percent to 8.28 yuan (US$1.22), while Longi Green Energy Technology Co gained 4.6 percent to 19.78 yuan.