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Market swings in morning on good news, slower data
By Lu Nengneng |
January 17, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index gained in the morning session after swinging between gains and losses. On the negative side, the new key economic data about China's economy in 2011 indicated a slowdown in growth, while on the bright side, media are reporting that local pension funds will be channeled into the capital market soon while.
The Shanghai Composite Index climbed up 0.93 percent to 2,226.67 by noon break. Turnover remained low at 25.3 billion yuan (US$4 billion).
China Securities Journal reported today that "a southern province in China" has entrusted its 100 billion yuan worth of pension funds to the National Council for Social Security Funds to invest in equities and bonds starting from the first quarter this year.
The possible bullish market trend following the inflow of new capital cheered up the investors and revved up the resource stocks.
Jiangxi Copper, the largest producer of the metal in China, added 4.47 percent to 23.62 yuan. Aluminum Corp of China rose 2.86 percent to 6.84 yuan. Yanzhou Coal Mining increased 2.46 percent to 23.7 yuan.
But the market upsides were clouded by the year-on-year growth of China's GDP in the fourth quarter last year, which dropped to a two-year low of 8.9 percent. Its annual growth was paced at 9.2 percent, down from the 10.3 percent in 2010.
Banks retreated though the central bank launched its reverse repurchase of bills today to ease their liquidity crunch.
Bank of Communications slid 0.42 percent to 4.72 yuan. Industrial and Commercial Bank of China, the biggest lender of the nation, lost 0.46 percent to 4.29 yuan. China Construction Bank dropped 0.63 percent to 4.74 yuan.
The Shanghai Composite Index climbed up 0.93 percent to 2,226.67 by noon break. Turnover remained low at 25.3 billion yuan (US$4 billion).
China Securities Journal reported today that "a southern province in China" has entrusted its 100 billion yuan worth of pension funds to the National Council for Social Security Funds to invest in equities and bonds starting from the first quarter this year.
The possible bullish market trend following the inflow of new capital cheered up the investors and revved up the resource stocks.
Jiangxi Copper, the largest producer of the metal in China, added 4.47 percent to 23.62 yuan. Aluminum Corp of China rose 2.86 percent to 6.84 yuan. Yanzhou Coal Mining increased 2.46 percent to 23.7 yuan.
But the market upsides were clouded by the year-on-year growth of China's GDP in the fourth quarter last year, which dropped to a two-year low of 8.9 percent. Its annual growth was paced at 9.2 percent, down from the 10.3 percent in 2010.
Banks retreated though the central bank launched its reverse repurchase of bills today to ease their liquidity crunch.
Bank of Communications slid 0.42 percent to 4.72 yuan. Industrial and Commercial Bank of China, the biggest lender of the nation, lost 0.46 percent to 4.29 yuan. China Construction Bank dropped 0.63 percent to 4.74 yuan.
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