December 23, 2013 / 7:06 AM / 6 years ago

Shanghai shares halt 9-day losing streak, large financials rebound

HONG KONG, Dec 23 (Reuters) - Shanghai shares eked out their first gain in 10 days on Monday, after the central bank said it put $50 billion last week into interbank markets, allaying some fears about a repeat of June’s cash crunch in the mainland.

The Shanghai Composite Index closed up 0.2 percent at 2,089.7 points, ending a nine-day losing streak. The CSI300 of the leading Shanghai and Shenzhen A-share listings, which closed on Friday at its lowest since Aug. 8, edged up 0.3 percent.

Larger financial counters led the rebound on benchmark indexes despite the key seven-day repo rate spiking to 9 percent and within range of its all-time high of 11.6217 percent on June 20 - reinforcing the view that the People’s Bank of China has shifted to tighter monetary policy. (Reporting by Clement Tan; Editing by Richard Borsuk)

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