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Stocks close 0.06% up amid volatile trade
By Lu Nengneng |
March 21, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market edged up today amid volatility after the national pension fund clarified it is entrusted to manage local pension savings, rather than channel them into the stock market.
The key benchmark Shanghai Composite Index closed 0.06 percent up at 2,378.2 points after the market had dropped 0.62 percent in the afternoon. Turnover stood at 94.9 billion yuan (US$15 billion).
Since the reform of pension fund investment came into the limelight last December, the rumors and news about stock buying plans have been a big producer of market volatility.
The National Council for Social Security Fund announced last night it will manage 100 billion yuan worth of local pension funds for China's southern Guangdong Province. But market speculation of more capital inflows was soon dispelled after the pension fund authority said this morning it will stay mainly focus on fixed-income investments.
Brokers fell on the remarks. CITIC Securities lost 1.19 percent to 11.61 yuan. Haitong Securities was down 1.2 percent to 9.03 yuan.
China Investment Securities said market liquidity may remain tight in the short term, which means the pressure for further market consolidation still remains.
Coal miners and nonferrous metal producers bolstered the market today. China Shenhua Energy, the nation's biggest coal producer, jumped 1.04 percent to 26.29 yuan. Zijin Mining Industry rose 2.3 percent to 4.43 yuan. Sichuan Western Resources Holding Co gained 2.77 percent to 20.39 yuan.
The key benchmark Shanghai Composite Index closed 0.06 percent up at 2,378.2 points after the market had dropped 0.62 percent in the afternoon. Turnover stood at 94.9 billion yuan (US$15 billion).
Since the reform of pension fund investment came into the limelight last December, the rumors and news about stock buying plans have been a big producer of market volatility.
The National Council for Social Security Fund announced last night it will manage 100 billion yuan worth of local pension funds for China's southern Guangdong Province. But market speculation of more capital inflows was soon dispelled after the pension fund authority said this morning it will stay mainly focus on fixed-income investments.
Brokers fell on the remarks. CITIC Securities lost 1.19 percent to 11.61 yuan. Haitong Securities was down 1.2 percent to 9.03 yuan.
China Investment Securities said market liquidity may remain tight in the short term, which means the pressure for further market consolidation still remains.
Coal miners and nonferrous metal producers bolstered the market today. China Shenhua Energy, the nation's biggest coal producer, jumped 1.04 percent to 26.29 yuan. Zijin Mining Industry rose 2.3 percent to 4.43 yuan. Sichuan Western Resources Holding Co gained 2.77 percent to 20.39 yuan.
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