Pension fund and inflation lift shares
Print Edition
SHANGHAI shares edged up yesterday on rising investor hopes of government support after inflation grew at its slowest pace, and on renewed talk of China’s pension funds investing in the stock market.
The Shanghai Composite Index added 0.23 percent to close at 2,994.92 points.
Data released at the weekend showed consumer prices grew 1.9 percent in June from a year earlier, the slowest pace since January, reinforcing economists’ views that more support was needed to help the economy.
Sentiment was also buoyed by talk that the National Council for Social Security Fund was likely to channel cash into the stock market in the second half of 2016, according to yesterday’s report from China International Capital Corp.
The brokerage estimated that 100 billion yuan (US$15 billion) out of a total of 2 trillion yuan in the pension fund may be allocated to stocks.
Gold miners were among gainers, with Zijin Mining Co surging by the 10 percent daily limit to 4.05 yuan.
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