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New funds help shore up stock market

By Xu Shenglan (chinadaily.com.cn)
Updated: 2009-02-18 18:25

The number of new social security fund, qualified foreign institutional investor (QFII) and common fund accounts in mainland markets in January reached the highest level since last July, according to statistics from China Securities Depository and Clearing Corp.

The 34 newly opened accounts include 16 from social security funds, six from QFII and 12 from common funds, compared with 43 new accounts in July 2008.

The rejuvenation of social security funds, QFII and common funds contributed to the 9.33 percent surge in the stock market in the 15 trading days in January, experts said.

As of last December, the number of social security funds accounts reached 132, with 122 QFII accounts and 920 from common funds.

The total number of A-share trading accounts reached 120.73 million by the end of last year, with more than 321,000 accounts being added to the market in January.