BIZCHINA> News
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BIZCHINA> News
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Traders optimistic as stocks hit new high
(Shanghai Daily)
Updated: 2007-02-17 10:45 China Eastern Airlines Corp sailed 9.98 percent to 4.52 yuan while China United Telecommunications Corp inched up 0.40 percent to 5.06 yuan. Chinese stocks often surge around the Lunar New Year holiday, in part because investors are seeking investment tools for their year-end bonuses and regulators tend to dish out supportive policies at that time. Adding to the market optimism was the news that at least five equity mutual funds are scheduled to start sales late this month or early next month, possibly pumping 30 billion yuan into the market. "I will buy into the mutual funds launched after the holiday," said Xu Xiaojin, a 24-year-old Shanghai-based engineer. "As the coming year will be 'the Year of the Golden Pig,' I believe investing in stocks will also bring good luck and handsome returns on the government's promises to support the market." Chinese securities regulators said early this year that they would encourage high-quality large-cap enterprises to list domestically and pledged to beef up information disclosures, battle insider trading and promote more risk-hedging derivatives. (For more biz stories, please visit Industries)
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