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Stocks rise as pension funds may enter equity markets
By Lydia Chen |
November 11, 2011, Friday
|
Online Edition
Online Edition
THE Shanghai stock market rose in the morning session today, recouping some losses form the past two days after a senior official said the nation might allow pension funds to invest in capital markets.
The Shanghai Composite Index added 0.60 percent to 2,494.41. Turnover fell to 40 billion yuan (US$6.33 billion) from yesterday morning's 50.2 billion yuan.
Media, coal and real estate plays were among the best performers this morning.
Poly Real Estate climbed 1.04 percent to 9.68 yuan. Datong Coal Industry Co jumped 1.34 percent to 15.91 yuan. Shanghai Xinhua Media Co was up the daily cap of 10 percent to 8.49 yuan.
Dai Xianglong, president of the National Council for Social Security Fund, said yesterday that authorities were studying the possibility of allowing pension funds to invest in capital markets in a similar way as the country's 900-billion-yuan sovereign fund that has seen an average returns of 7 percent in the past decade.
China's pension fund is expected to grow to 1.8 trillion yuan this year, according to Dai.
The Shanghai Composite Index added 0.60 percent to 2,494.41. Turnover fell to 40 billion yuan (US$6.33 billion) from yesterday morning's 50.2 billion yuan.
Media, coal and real estate plays were among the best performers this morning.
Poly Real Estate climbed 1.04 percent to 9.68 yuan. Datong Coal Industry Co jumped 1.34 percent to 15.91 yuan. Shanghai Xinhua Media Co was up the daily cap of 10 percent to 8.49 yuan.
Dai Xianglong, president of the National Council for Social Security Fund, said yesterday that authorities were studying the possibility of allowing pension funds to invest in capital markets in a similar way as the country's 900-billion-yuan sovereign fund that has seen an average returns of 7 percent in the past decade.
China's pension fund is expected to grow to 1.8 trillion yuan this year, according to Dai.
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