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Pension fund worries drag down Shanghai index
By Lu Nengneng |
February 1, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index pared yesterday's gains in the morning session as the delayed liquidity injection by pension funds overshadowed the better-than-expected January's industrial data released today.
The benchmark Shanghai Composite Index was down 0.42 percent to 2,282.89 points. Turnover stood low at 24.3 billion yuan (US$ 3.86 billion).
The human resources and social security authority of Guangdong Province dismissed the speculation that its pension funds will be soon channeled into the capital market as a nationwide pilot scheme and this rekindled worries over market liquidity.
Brokers fell amid the weak investor sentiment. China CITIC Securities dropped 1.59 percent to 10.52 yuan. Haitong Securities fell 1.91 percent to 8.2 yuan.
On the other hand, the official Purchasing Managers' Index rose for a second month to 50.5 in January from December's 50.3, which was much higher than a pre-reading of 48.8. A reading below 50 shows contraction of industrial activities.
Resources stocks took the brunt of the decline as concerns over their overcapacity persist before China's economic trend becomes clear. Jiangxi Copper slumped 2.08 percent to 24.91 yuan. Inner Mongolia Baotou Steel sank 2.05 percent to 4.77 yuan. Yanzhou Coal Mining lost 1.28 percent to 23.86 yuan.
The benchmark Shanghai Composite Index was down 0.42 percent to 2,282.89 points. Turnover stood low at 24.3 billion yuan (US$ 3.86 billion).
The human resources and social security authority of Guangdong Province dismissed the speculation that its pension funds will be soon channeled into the capital market as a nationwide pilot scheme and this rekindled worries over market liquidity.
Brokers fell amid the weak investor sentiment. China CITIC Securities dropped 1.59 percent to 10.52 yuan. Haitong Securities fell 1.91 percent to 8.2 yuan.
On the other hand, the official Purchasing Managers' Index rose for a second month to 50.5 in January from December's 50.3, which was much higher than a pre-reading of 48.8. A reading below 50 shows contraction of industrial activities.
Resources stocks took the brunt of the decline as concerns over their overcapacity persist before China's economic trend becomes clear. Jiangxi Copper slumped 2.08 percent to 24.91 yuan. Inner Mongolia Baotou Steel sank 2.05 percent to 4.77 yuan. Yanzhou Coal Mining lost 1.28 percent to 23.86 yuan.
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