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Shanghai shares up on liquidity hope
By Lv Nengneng |
January 31, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market recovered slightly after its bearish debut in the Year of the Dragon on hope that local pension funds will soon be channeled into the market to supply liquidity.
The Shanghai Composite Index rose 0.19 percent to 2,289.43, paring away part of the 1.47 percent loss yesterday. Turnover remained sluggish, standing at 25.2 billion yuan (US$4 billion).
Gui Minghao, analyst at Shenyin Wanguo Securities, said investors tend to take a wait-and-see approach during the market consolidation as they are looking forward to more substantial upsides than the government's call for confidence which produced the previous rally.
Securities Times reported today that the investment plan of pension funds will come out as soon as the first quarter, which may pump up to 580 billion yuan worth of funds into the capital market eventually.
Financials regained lost ground after yesterday's overselling. China Construction Bank added 0.84 percent to 4.78 yuan. Bank of Communications jumped 0.41 percent to 4.86 yuan. Ping An Insurance advanced 0.67 percent to 38.86 yuan.
The Shanghai Composite Index rose 0.19 percent to 2,289.43, paring away part of the 1.47 percent loss yesterday. Turnover remained sluggish, standing at 25.2 billion yuan (US$4 billion).
Gui Minghao, analyst at Shenyin Wanguo Securities, said investors tend to take a wait-and-see approach during the market consolidation as they are looking forward to more substantial upsides than the government's call for confidence which produced the previous rally.
Securities Times reported today that the investment plan of pension funds will come out as soon as the first quarter, which may pump up to 580 billion yuan worth of funds into the capital market eventually.
Financials regained lost ground after yesterday's overselling. China Construction Bank added 0.84 percent to 4.78 yuan. Bank of Communications jumped 0.41 percent to 4.86 yuan. Ping An Insurance advanced 0.67 percent to 38.86 yuan.
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