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Shanghai shares up despite global slide
By Lydia Chen |
August 11, 2011, Thursday
|
Online Edition
Online Edition
SHARES in Shanghai posted an unexpected rise in the morning session, outperforming almost all overseas markets that are plunging amid investors intensified concerns over debt problems in Europe.
The Shanghai Composite Index, although opened 1.58 percent lower at 9:30am, managed to recover the losses and edged up 0.43 percent higher at midday break to 2,560.12.
Fast-moving rumors about a sovereign debt downgrade of France as well as swirling doubts on the health of French banks caused yesterday the biggest widening in the benchmark index of European credit default swaps since the credit crunch in 2008.
In the United States, the S&P 500 finished the day down 4.4 percent and the Nasdaq composite index down 4.1 percent.
The unexpected performance in the local market was said to be credit to a market-saving move by National Council for Social Security Fund, the biggest investor who manages total asset worth more than 856 billion yuan(US$133.75 billion) by the end of last year, according to the website of The Economic Observer.
The website cited unnamed sources close to the managers of the fund that the giant investor has already been ready for a bottom fishing with pumping up to 10 billion yuan on all its accounts.
Rallied financials were the biggest support for the stabilized market in the morning trading.
Industrial Bank paced the gains among its industry peers with a rise of 2.30 percent to 12.89 yuan. Bank of Communications added 1.09 percent to 4.64 yuan. However, Industrial & Commercial Bank of China, the world's biggest bank by market value, lost 0.24 percent to 4.14 yuan.
The Shanghai Composite Index, although opened 1.58 percent lower at 9:30am, managed to recover the losses and edged up 0.43 percent higher at midday break to 2,560.12.
Fast-moving rumors about a sovereign debt downgrade of France as well as swirling doubts on the health of French banks caused yesterday the biggest widening in the benchmark index of European credit default swaps since the credit crunch in 2008.
In the United States, the S&P 500 finished the day down 4.4 percent and the Nasdaq composite index down 4.1 percent.
The unexpected performance in the local market was said to be credit to a market-saving move by National Council for Social Security Fund, the biggest investor who manages total asset worth more than 856 billion yuan(US$133.75 billion) by the end of last year, according to the website of The Economic Observer.
The website cited unnamed sources close to the managers of the fund that the giant investor has already been ready for a bottom fishing with pumping up to 10 billion yuan on all its accounts.
Rallied financials were the biggest support for the stabilized market in the morning trading.
Industrial Bank paced the gains among its industry peers with a rise of 2.30 percent to 12.89 yuan. Bank of Communications added 1.09 percent to 4.64 yuan. However, Industrial & Commercial Bank of China, the world's biggest bank by market value, lost 0.24 percent to 4.14 yuan.
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