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April 26, 2017

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Pension funds lift shares

SHANGHAI shares rose yesterday as investors were buoyed by news that pension funds have started buying stocks.

The Shanghai Composite Index added 0.16 percent to 3,134.57 points.

The Ministry of Human Resources and Social Security said yesterday that 137 billion yuan (US$20 billion) of pension funds have begun to invest in the stock market.

Shares related to Xiongan New Area rose, with Langfang Development Co surging by the daily limit of 10 percent to 19.58 yuan.

Kweichow Moutai Co jumped 5.1 percent to 418.89 yuan after the liquor maker reported first-quarter net profit grew 25.2 percent year on year to 6.1 billion yuan.


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