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Financials

Shanghai shares rise as China cenbank boosts short-term cash

SHANGHAI, Aug 25 (Reuters) - Shanghai’s main share index rose on Wednesday as China’s central bank boosted short-term funding to ease worries over tightening liquidity amid a faltering recovery, but losses in financial, tech and real estate firms kept China’s blue-chip index lower.

** At the midday break, the Shanghai Composite index was up 0.34% at 3,526.49 points. ** China’s central bank offered 50 billion yuan ($7.72 billion) through seven-day reverse repos into the banking system, bigger than daily injections in recent months, in what traders saw as a bid to support liquidity and lift market sentiment. ** China’s blue-chip CSI300 index was down 0.11%, with its financial sector sub-index lower by 1.25%, the real estate index down 3.52% and an info tech sub-index down 1.02%. ** Underscoring continued financial risks in the real estate sector that some investors worry could pose broader risks, a supplier to debt-laden developer China Evergrande Group said Evergrande had failed to pay some overdue bills. ** Evergrande shares were down 1.79% by midday in Hong Kong. They have fallen nearly 85% since July last year. ** Chinese H-shares listed in Hong Kong fell 0.56% to 9,047.6, while the Hang Seng Index was down 0.36% at 25,634.38. ** The Hang Seng Tech index took a breather after Tuesday’s gain of more than 7%, falling 0.1%. ** The smaller Shenzhen index was down 0.07%, the start-up board ChiNext Composite index was weaker by 0.27% and Shanghai’s tech-focused STAR50 index was down 2.37%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.07%, while Japan’s Nikkei index was down 0.08%. ** The yuan was quoted at 6.4775 per U.S. dollar, 0.11% weaker than the previous close of 6.4705. ($1 = 6.4773 Chinese yuan ) (Reporting by Andrew Galbraith; Editing by Subhranshu Sahu)

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