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Stocks resume advance in early trade
By Lu Nengneng |
March 14, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market extended yesterday's advance in the morning session after renewed speculation of liquidity injections by pension funds strengthened financials.
The key benchmark Shanghai Composite Index gained 0.74 percent to 2,474.07 points. Turnover stood at 70.5 billion yuan (US$11.1 billion).
Since Guo Shuqing, head of China's Securities Regulatory Commission, called on pension funds to help bolster the tumbling capital market last December, rumors and news milling about pension reform have been a big producer of market volatility.
The latest good news came after China Securities Journal reported today that Hubei Province is working on a new investment portfolio for their local pension funds, some of which may be channeled into the stock market.
Brokers gained on expectations of a sustaining bullish trend and better profit prospects. CITIC Securities jumped 1.69 percent to 12.65 yuan. Haitong Securities rose 1.87 percent to 9.79 yuan.
Banks also rose. Industrial and Commercial Bank of China, the biggest lender of the nation, increased 0.92 percent to 4.38 yuan. China Construction Bank added 1.26 percent to 4.84 yuan.
The key benchmark Shanghai Composite Index gained 0.74 percent to 2,474.07 points. Turnover stood at 70.5 billion yuan (US$11.1 billion).
Since Guo Shuqing, head of China's Securities Regulatory Commission, called on pension funds to help bolster the tumbling capital market last December, rumors and news milling about pension reform have been a big producer of market volatility.
The latest good news came after China Securities Journal reported today that Hubei Province is working on a new investment portfolio for their local pension funds, some of which may be channeled into the stock market.
Brokers gained on expectations of a sustaining bullish trend and better profit prospects. CITIC Securities jumped 1.69 percent to 12.65 yuan. Haitong Securities rose 1.87 percent to 9.79 yuan.
Banks also rose. Industrial and Commercial Bank of China, the biggest lender of the nation, increased 0.92 percent to 4.38 yuan. China Construction Bank added 1.26 percent to 4.84 yuan.
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