China Shares Edge Up on Liquidity Signals; Shenzhen Jove Enterprise Surges 16%
Chinese shares rose on Friday as the country's central bank injected liquidity and amid a decline in fears over the U.S. Federal Reserve hiking rates.The Shanghai Composite Index, the main gauge of Chinese stocks, ticked up 0.21 of a point to 3,927.18. The Shenzhen Component Index went up 0.5% to 14,354.31.Investor sentiment was boosted by domestic liquidity signals, as the People's Bank of China conducted 349 billion yuan in overnight reverse repurchase agreements. The central bank will continue conducting overnight reverse repo operations from Aug. 17 until Aug. 19.Also boosting investor sentiment were reduced concerns of a September rate hike by the U.S. Federal Reserve after the U.S. consumer price index rose 0.1% in July, within market expectations, CNBC reported.In company news, Shenzhen Jove Enterprise (SHE:300814) posted first-half attributable net profit of 38.6 million yuan, up 130% from 16.8 million yuan the previous year. Shares of the printed circuit board manufacturer jumped 16% Friday.
