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News of pension funds in stocks boost key index
Print Edition
SHANGHAI stocks gained the most in three and a half months yesterday on news that pension funds were being invested in the stock market.
The Shanghai Composite Index rose 1.18 percent to end at 3,239.96 points.
Media reported on Friday that China has started investing an initial 360 billion yuan (US$$52.3 billion) of pension insurance funds from seven provinces and cities in financial markets.
The first tranche of that investment was expected to flow into the stock market as early as this week, Chinese media said yesterday.
The news buoyed investors, said Chen Guo, analyst at Changjiang Securities.
The China Securities Regulatory Commission also released new policies to tighten its grip on approvals of private share placements by listed companies in terms of deal prices and scales to contain excessive refinancing.
The CSRC criticized certain listed companies for deviating from their main businesses, being engaged in excessive refinancing and investing in unrelated industries.
“The new rules will foster the growth of those listed companies with abundant cash flow and great growth potential, and restrain market speculations,” said Chen Guo, a senior analyst at Essence Securities.
Bailian Group surged by the daily limit to 17.82 yuan as the Shanghai-based retail conglomerate yesterday announced a strategic alliance with Alibaba.
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