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Market rallies on news of massive pension fund infusion
By Lu Nengneng |
January 31, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed higher today as investors anticipated local government pension funds would revitalize the market in the first quarter.
The Shanghai Composite Index rose 0.33 percent to 2,292.61 points after recovering a 0.31 percent loss earlier in the day. Turnover stood low at 43.8 billion yuan (US$ 6.95 billion).
The investor sentiment was volatile after a bearish start for Shanghai stocks yesterday after a week-long holiday break. But a report in today's Securities Times that up to 580 billion yuan of pension funds will be invested in the stock market as early as the first quarter allayed investors' worry over liquidity.
Property stocks recovered from yesterday's overselling. China Vanke, the country's biggest developer, rose 1.32 percent to 7.65 yuan. Poly Real Estate edged up 0.67 percent to 10.5 yuan.
Coal miners paced the advance. Yanzhou Coal Mining jumped 0.5 percent to 24.17 yuan. China Shenhua Energy, the country's biggest coal producer, gained 0.64 percent to 26.85 yuan.
The Shanghai Composite Index rose 0.33 percent to 2,292.61 points after recovering a 0.31 percent loss earlier in the day. Turnover stood low at 43.8 billion yuan (US$ 6.95 billion).
The investor sentiment was volatile after a bearish start for Shanghai stocks yesterday after a week-long holiday break. But a report in today's Securities Times that up to 580 billion yuan of pension funds will be invested in the stock market as early as the first quarter allayed investors' worry over liquidity.
Property stocks recovered from yesterday's overselling. China Vanke, the country's biggest developer, rose 1.32 percent to 7.65 yuan. Poly Real Estate edged up 0.67 percent to 10.5 yuan.
Coal miners paced the advance. Yanzhou Coal Mining jumped 0.5 percent to 24.17 yuan. China Shenhua Energy, the country's biggest coal producer, gained 0.64 percent to 26.85 yuan.
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