Shanghai Composite rises 1.4%

Mainland China share market closed sharp higher on Friday, 21 November 2014, on growing rumor that China will take steps to prevent a cash crunch before initial public offerings next week. The Shanghai Composite rose 1.4% to 2,486.79 at the close.

The central bank's fund injection helps to ease the liquidity pressure during the IPO subscription period. Eleven companies will sell IPO shares next week, seven of them on Monday. The new share sales will probably freeze about 1.6 trillion yuan ($261 billion).

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