Index rises on pension news
By Lu Nengneng |
February 1, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market edged up yesterday, driving the benchmark index to its best January performance since 2009, as investors were cheered by a news report that local pension funds may soon help revitalize the market.
The Shanghai Composite Index added 0.33 percent to close at 2,292.61. The gauge rose 4.2 percent in January.
The investor sentiment was still muted yesterday after trading resumed on a whimper on Monday following a week-long Lunar New Year holiday break. But a report by the Securities Times that 580 billion yuan (US$92 billion) in pension funds may be invested in the market in the first quarter allayed anxieties over market liquidity.
Real estate stocks regained ground lost on Monday. Poly Real Estate, China's second-biggest listed developer, gained 0.67 percent to 10.50 yuan.
Coal miners also rose. China Shenhua Energy, the country's biggest coal producer, added 0.64 percent to 26.85 yuan. Yanzhou Coal Mining gained 0.5 percent to 24.17 yuan.
But Haitong Securities warned in a note that lower earnings reports may curb a stock rebound.
Aluminum Corp of China, which said its 2011 earnings may drop 50 percent from a year earlier, lost 0.14 percent to 7.13 yuan. Metallurgical Corp of China, which cut last year's profit outlook by 20-30 percent from 2010, shed 0.37 percent to close at 2.67 yuan.
The Shanghai Composite Index added 0.33 percent to close at 2,292.61. The gauge rose 4.2 percent in January.
The investor sentiment was still muted yesterday after trading resumed on a whimper on Monday following a week-long Lunar New Year holiday break. But a report by the Securities Times that 580 billion yuan (US$92 billion) in pension funds may be invested in the market in the first quarter allayed anxieties over market liquidity.
Real estate stocks regained ground lost on Monday. Poly Real Estate, China's second-biggest listed developer, gained 0.67 percent to 10.50 yuan.
Coal miners also rose. China Shenhua Energy, the country's biggest coal producer, added 0.64 percent to 26.85 yuan. Yanzhou Coal Mining gained 0.5 percent to 24.17 yuan.
But Haitong Securities warned in a note that lower earnings reports may curb a stock rebound.
Aluminum Corp of China, which said its 2011 earnings may drop 50 percent from a year earlier, lost 0.14 percent to 7.13 yuan. Metallurgical Corp of China, which cut last year's profit outlook by 20-30 percent from 2010, shed 0.37 percent to close at 2.67 yuan.
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