Higher close offsets biggest annual loss
By Lu Nengneng |
01:59 UTC+8 December 31, 2011
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday eased its biggest annual loss since 2008 when it closed higher on renewed optimism over the market's direction next year.
The Shanghai Composite Index ended 1.19 percent up, the biggest in two weeks, at 2,199.42 on the last trading day of 2011.
The gauge, which lost 14 percent in 2010, tumbled 21.68 percent this year.
The Shanghai market performed the worst globally this year, second only to India among the 15 biggest stock exchanges. The local market saw a three-year low in turnover on Thursday as investors adopted a wait-and-see stance with the year-end approaching.
For the most part of the year there was a general sell-off by jittery investors due to the escalating European debt crisis and the slowing Chinese economy weakened by dismal data for investments and exports.
According to a research by Sina, one of the biggest news portals in China, more than 34 percent of investors lost half their stock value amid the market downturn.
The investor sentiment improved slightly after Guo Shuqing, new head of the China Securities Regulatory Commission, called on pension and housing funds to invest in the stock market.
His remark gave investors hope of better days in 2012.
The government also tried to channel more capital inflow in a bid to revive investor sentiment. Between October and December, it accelerated approval of quotas under the Qualified Foreign Institutional Investors scheme, which took up almost half of the full-year figure of US$1.92 billion.
The branches of 12 Hong Kong brokers received the green light from the central bank last week to run a yuan-denominated fund management business under the trial Renminbi Qualified Foreign Institutional Investor scheme.
Chinese mainland stock market consolidated its position as the one of the biggest fund-raisers globally this year despite the nearly 20 percent erosion in market value.
Companies have raised more than 825 billion yuan (US$130.8 billion) through initial public offerings, additional share sales, allotment of shares, and corporate bonds on the A-share market this year, according to data provider Wind. But the two domestic stock markets in Shanghai and Shenzhen saw their total value shrink from 30.5 trillion yuan to 24.6 trillion yuan.
Up to 2,119 out of 2,320 stocks on the A-share market saw their value fall, with 73 percent sinking deeper than the key CSI 300 index.
The Shanghai Composite Index ended 1.19 percent up, the biggest in two weeks, at 2,199.42 on the last trading day of 2011.
The gauge, which lost 14 percent in 2010, tumbled 21.68 percent this year.
The Shanghai market performed the worst globally this year, second only to India among the 15 biggest stock exchanges. The local market saw a three-year low in turnover on Thursday as investors adopted a wait-and-see stance with the year-end approaching.
For the most part of the year there was a general sell-off by jittery investors due to the escalating European debt crisis and the slowing Chinese economy weakened by dismal data for investments and exports.
According to a research by Sina, one of the biggest news portals in China, more than 34 percent of investors lost half their stock value amid the market downturn.
The investor sentiment improved slightly after Guo Shuqing, new head of the China Securities Regulatory Commission, called on pension and housing funds to invest in the stock market.
His remark gave investors hope of better days in 2012.
The government also tried to channel more capital inflow in a bid to revive investor sentiment. Between October and December, it accelerated approval of quotas under the Qualified Foreign Institutional Investors scheme, which took up almost half of the full-year figure of US$1.92 billion.
The branches of 12 Hong Kong brokers received the green light from the central bank last week to run a yuan-denominated fund management business under the trial Renminbi Qualified Foreign Institutional Investor scheme.
Chinese mainland stock market consolidated its position as the one of the biggest fund-raisers globally this year despite the nearly 20 percent erosion in market value.
Companies have raised more than 825 billion yuan (US$130.8 billion) through initial public offerings, additional share sales, allotment of shares, and corporate bonds on the A-share market this year, according to data provider Wind. But the two domestic stock markets in Shanghai and Shenzhen saw their total value shrink from 30.5 trillion yuan to 24.6 trillion yuan.
Up to 2,119 out of 2,320 stocks on the A-share market saw their value fall, with 73 percent sinking deeper than the key CSI 300 index.
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