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Shares rise on fund injection, Li’s remark

SHANGHAI shares rose over 1 percent yesterday as market sentiment was boosted by the Chinese central bank’s liquidity injection and Premier Li Keqiang’s remark about continuing investment in infrastructure.

The Shanghai Composite Index gained 1.14 percent to 2,730.85 points.

Shares of property developers, mining companies and consumer firms were among the biggest gainers.

Investors turned optimistic after Li said yesterday that China will continue to invest in infrastructure at the annual meeting of the New Champions 2018, also known as Summer Davos, in Tianjin.

Investors were also cheered by the central bank’s injection of 60 billion yuan (US$8.76 billion) into the financial market through reverse repurchase agreements, said a statement published on the People’s Bank of China’s official website.

Nanjing Xinjiekou Department Store Co Ltd rose 5.72 percent to 11.46 yuan and Nacity Property Service Co Ltd added 4.83 percent to 22.80 yuan.