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Investors close share trading accounts
Source: Bloomberg News |
December 28, 2012, Friday
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Print Edition
Print Edition
CHINESE stock investors emptied 45,000 accounts last week, a fourth straight week of withdrawals, even as the Shanghai Composite Index extended a rebound from an almost four-year low.
The number of stock accounts containing funds fell to 55.31 million, the lowest level since the week to November 19, 2010, according to regulatory data. Investors emptied 293,000 accounts in the first three weeks of this month as the Shanghai Composite rose 8.8 percent.
The stock gauge climbed 2.5 percent on Tuesday to erase its loss for the year amid speculation the rebounding economy will bolster earnings. The World Bank says China's economic growth may be as much as 8.4 percent next year after a likely 7.9 percent expansion in 2012, set to be the weakest pace since 1999.
"Some retail investors may have sold their shares amid the rebound to exit the market," said Wu Kan, a fund manager at Dazhong Insurance Co, which oversees US$285 million. "They are still worried that the rebound won't last long after years of a bear market."
The Shanghai Composite is 63 percent below its peak of 6,092.06 reached in October 2007 after falling for the past two years.
The number of stock-trading accounts that made transactions in A shares last week increased to 9.6 million from 8.6 million the previous week, the highest level since the week to September 14, the data show. Investors opened 111,953 accounts to trade stocks, the most since the week to September 28.
The number of stock accounts containing funds fell to 55.31 million, the lowest level since the week to November 19, 2010, according to regulatory data. Investors emptied 293,000 accounts in the first three weeks of this month as the Shanghai Composite rose 8.8 percent.
The stock gauge climbed 2.5 percent on Tuesday to erase its loss for the year amid speculation the rebounding economy will bolster earnings. The World Bank says China's economic growth may be as much as 8.4 percent next year after a likely 7.9 percent expansion in 2012, set to be the weakest pace since 1999.
"Some retail investors may have sold their shares amid the rebound to exit the market," said Wu Kan, a fund manager at Dazhong Insurance Co, which oversees US$285 million. "They are still worried that the rebound won't last long after years of a bear market."
The Shanghai Composite is 63 percent below its peak of 6,092.06 reached in October 2007 after falling for the past two years.
The number of stock-trading accounts that made transactions in A shares last week increased to 9.6 million from 8.6 million the previous week, the highest level since the week to September 14, the data show. Investors opened 111,953 accounts to trade stocks, the most since the week to September 28.
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