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China's Fund Market Stabilized
After two-day corrections, China's securities investment fund market stabilized and started to move upward on Friday.
Among the 26 funds, 12 rose, 12 remained unchanged and 2 declined. The descending funds were Fund Tongzhi and Fund Yuhua, which all had completed their expansions, falling 5.6 percent and 0.8 percent, respectively.
In particular, today was the third day for Fund Tongzhi to decline. It closed at 1.7 yuan today, compared with its highest level of 2.19 yuan on Wednesday, according to Homeway, China's leading on-line financial and securities advisory company.
The new fund market on the two stock exchanges in this week showed an upward trend with expansion of trading volumes.
The fund indexes on the two bourses closed positively. The Shanghai Stock Exchange Fund Index closed at 1,015.73 points, up 1. 93 percent from last week's close at 996.52 points. The Shenzhen Stock Exchange Fund Index ended at 1,022.14 points, up 2.21 percent from the 1,000 points of the base day on June 30.
Fund Jinyuan, which announced its notice of listing, will get listed on the Shanghai bourse next Tuesday. This is the first fund that will get listed on the Shanghai market from the beginning of this year, Homeway said.
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