Key index recoups losses in afternoon
By Lu Nengneng |
March 22, 2012, Thursday
|
Print Edition
Print Edition
THE clarification by China's social security fund that it will focus on fixed-income investments did not seem to adversely affect Shanghai's stock market which edged up at the close yesterday.
The Shanghai Composite Index gained 0.06 percent to end at 2,378.2 points after the market had dropped 0.62 percent in the afternoon.
China's National Council for Social Security Fund announced late Tuesday that it has received the green light from the State Council to manage 100 billion yuan (US$15.8 billion) worth of local pension funds for Guangdong Province.
Investors speculated the funds would enter the stock market and improve the liquidity situation. But the hopes were soon dashed after the pension fund clarified yesterday that it will focus on fixed-income investments.
Brokers fell. CITIC Securities lost 1.19 percent to 11.61 yuan. Haitong Securities fell 1.2 percent to 9.03 yuan.
China Investment Securities predicted a tight market liquidity in the short term, raising the pressure for further market consolidation.
Stocks which rose included China Shenhua Energy, the nation's biggest coal producer, which gained 1.04 percent to end at 26.29 yuan.
The Shanghai Composite Index gained 0.06 percent to end at 2,378.2 points after the market had dropped 0.62 percent in the afternoon.
China's National Council for Social Security Fund announced late Tuesday that it has received the green light from the State Council to manage 100 billion yuan (US$15.8 billion) worth of local pension funds for Guangdong Province.
Investors speculated the funds would enter the stock market and improve the liquidity situation. But the hopes were soon dashed after the pension fund clarified yesterday that it will focus on fixed-income investments.
Brokers fell. CITIC Securities lost 1.19 percent to 11.61 yuan. Haitong Securities fell 1.2 percent to 9.03 yuan.
China Investment Securities predicted a tight market liquidity in the short term, raising the pressure for further market consolidation.
Stocks which rose included China Shenhua Energy, the nation's biggest coal producer, which gained 1.04 percent to end at 26.29 yuan.
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