Opening of Stock Accounts Drops Nearly 5%
By Wang Weini |
February 4, 2010, Thursday
|
Print Edition
Print Edition
INVESTORS opened fewer stock accounts last week after the benchmark Shanghai Composite Index fell about 9 percent so far this year amid concerns of tighter monetary policies and heavy supplies of stocks.
There were 310,422 new stock accounts opened last week, a drop of 4.7 percent from a week earlier and much less than last year's peak of 700,617 in the week ended July 31, said China Securities Depository and Clearing Corp.
Investors held positions in 52.44 million accounts, a rise of 245,200 accounts from a week earlier. Only 14.87 million investors traded last week, against 21 million the previous week, it said.
The index fell 4.5 percent last week, the biggest weekly drop in two months. Banks' reserve ratio was raised by 0.5 percentage points to 16 percent on January 18 to curb liquidity, fanning fears of more tightening moves.
There were 310,422 new stock accounts opened last week, a drop of 4.7 percent from a week earlier and much less than last year's peak of 700,617 in the week ended July 31, said China Securities Depository and Clearing Corp.
Investors held positions in 52.44 million accounts, a rise of 245,200 accounts from a week earlier. Only 14.87 million investors traded last week, against 21 million the previous week, it said.
The index fell 4.5 percent last week, the biggest weekly drop in two months. Banks' reserve ratio was raised by 0.5 percentage points to 16 percent on January 18 to curb liquidity, fanning fears of more tightening moves.
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