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Stocks close 0.15% down in volatile trade
By Hu Xiaocen |
March 27, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower after swinging between gains and losses, as the Ministry of Finance prohibited local governments from investing social insurance funds in the stock markets.
The Shanghai Composite Index edged down 0.15 percent, or 3.42 points to 2,347.18, with turnover of 65.2 billion yuan (US$10.3 billion).
Last week, the State Council approved the National Council for Social Security Fund to manage Guangdong Province's 100-billion-yuan pension fund by investing mostly in fixed income assets, such as state treasury bonds and bank deposits. However analysts generally projected that 20 to 30 million yuan of the fund will be invested in the stock markets, until Ministry of Finance's new regulation yesterday banned this practice.
Spot gold gained on a weakened dollar, pulling up the shares of gold miners. Shandong Gold Mining Co, jumped 2.4 percent to 34.52 yuan. Zhongjin Gold Co, added 1.96 percent to 21.82 yuan. Zijin Mining Group Co, China's bigger gold miner, gained 1.16 percent and closed at 4.36 yuan.
Premier Wen Jiabao said yesterday at a meeting that the use of public funds to buy tobacco, "high-end" alcohol and giftware must be banned.
Kweichow Moutai Co, China's premium liquor producer, plunged 6.37 percent to 201.5 yuan. Shanxi Xinghuacun Fen Wine Factory Co, retreated 3.89 percent to 65.42 yuan. Sichuan Swellfun Co, tumbled 4.47 percent to 23.96 yuan.
China Life Insurance Co, the country's biggest life insurer, posted a year-on-year plunge of 45.5 percent in its net income in 2011 on declining investment revenue and higher asset write downs stemming from weak stock markets. However, the insurer's shares gained 0.88 percent despite the news, and closed at 17.1 yuan.
The Shanghai Composite Index edged down 0.15 percent, or 3.42 points to 2,347.18, with turnover of 65.2 billion yuan (US$10.3 billion).
Last week, the State Council approved the National Council for Social Security Fund to manage Guangdong Province's 100-billion-yuan pension fund by investing mostly in fixed income assets, such as state treasury bonds and bank deposits. However analysts generally projected that 20 to 30 million yuan of the fund will be invested in the stock markets, until Ministry of Finance's new regulation yesterday banned this practice.
Spot gold gained on a weakened dollar, pulling up the shares of gold miners. Shandong Gold Mining Co, jumped 2.4 percent to 34.52 yuan. Zhongjin Gold Co, added 1.96 percent to 21.82 yuan. Zijin Mining Group Co, China's bigger gold miner, gained 1.16 percent and closed at 4.36 yuan.
Premier Wen Jiabao said yesterday at a meeting that the use of public funds to buy tobacco, "high-end" alcohol and giftware must be banned.
Kweichow Moutai Co, China's premium liquor producer, plunged 6.37 percent to 201.5 yuan. Shanxi Xinghuacun Fen Wine Factory Co, retreated 3.89 percent to 65.42 yuan. Sichuan Swellfun Co, tumbled 4.47 percent to 23.96 yuan.
China Life Insurance Co, the country's biggest life insurer, posted a year-on-year plunge of 45.5 percent in its net income in 2011 on declining investment revenue and higher asset write downs stemming from weak stock markets. However, the insurer's shares gained 0.88 percent despite the news, and closed at 17.1 yuan.
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