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Rush to open trading accounts

By Xu Shenglan (China Daily)
Updated: 2009-03-05 07:54

The rebound in the capital markets has led to a surge in new investment accounts at stockbrokerages and fund management houses.

Related readings:  Chinese shares jump 6.12% as new yuan loans surge in Feb  Mainland stocks bring relief to HK shares  New funds help shore up stock market   Pension fund increases stock-buying

According to market men, investor sentiment got a boost after the favorable remarks at the opening of the Chinese People's Political Consultative Conference on Tuesday.

The number of A-share trading accounts with stock positions in mainland markets has reached 47.5 million, the highest level since last September, according to statistics from the China Securities Depository and Clearing Corp.

About 38.58 percent of the overall A-share trading accounts were active at the end of last week, also the highest in the last five weeks.

"An aggregate 10 percent growth in the mainland stock market after the Spring Festival has helped raise investor expectations," said Liu Jiwei, analyst, Pacific Securities.

"Some new policies may be released during the two annual sessions of China's top legislative body and top political advisory body," he said.

The opening of new shares and fund management accounts slowed last week. The market saw a total of 392,017 new share trading accounts last week, 92,493 less than a week earlier. The number of newly opened fund management accounts decreased by 1,378 to 42,575.

Nonetheless, the number of new fund accounts in mainland markets in February reached the highest monthly level of 1.447 billion since last March.

Analysts attributed the surge to stock funds' aggressive marketing campaigns after the Lunar New Year festival. Of the 17 new funds issued in February, nine were stock funds.

The increase of the new fund accounts, regarded as a gauge of adequate funds, will boost market confidence and support capital supply in the coming months, analysts said.

Earlier expectations for an expanded economic stimulus program was reinforced by a senior Chinese official who was quoted to have said that the government will increase spending in areas such as infrastructure and manufacturing on top of the 4 trillion yuan stimulus package unveiled in November. His remarks sent the Shanghai benchmark index up 6.1 percent and helped reverse early losses in Hong Kong.