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Pension fund increases stock-buying

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-01-21 16:51

The National Council for Social Security Fund (NCSSF), one of China's largest institutional investors, opened another eight accounts in the Shenzhen and Shanghai bourses in December 2008, showing their growing confidence in the country's capital market.

It was the third time the NCSSF opened new accounts last year.

According to statistics from China Securities Depository and Clearing Cooperation Limited, the NCSSF opened four accounts each in the Shenzhen and Shanghai bourses in December, increasing its total to 132.

"The NCSSF's latest move indicates that they may increase their investment into the capital market, as the current P/E ratio of the market has been reasonable and attractive in the long run," said Chen Wei, analyst with China Minzu Securities.