Bullish market encourages more investors to open accounts

Updated: 2006-12-06 13:45

The strong performance of China's stock market in the past month has been encouraging more new investors to open accounts, the Shanghai Securities News reported on Wednesday.

The Composite Stock Index on the Shanghai Stock Exchange, which comprises mainly yuan-denominated A shares and foreign-currency B shares , has grown by more than 10 percent in one month and passed the psychological barrier of 2,000 points.

The recent bullish performance of China's stock market has greatly enhanced the confidence of investors.

By the end of November, about 274,000 new accounts had been opened on China's A-share market, up 50 percent from the end of the previous month.

About 16,000 investors opened accounts each day after the index passed 2,000 points on November 20, higher than the previous number of about 11,000.

China's stock market remained bearish for almost four years from 2001 to 2005. The Composite Index on the Shanghai Stock Exchange once dropped below 1,000 points last year.

(For more biz stories, please visit Industry Updates)

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