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|Friday, March 23, 2001, updated at 15:39(GMT+8)|
Many Old People Speculate in StocksAbout Five million old people across China now speculate in stocks, accounting for some ten percent of all shareholders, according to a latest survey.
Among the aged shareholders are retired government officials, intellectuals, factory workers and a large number of housewives. They are mostly petty shareholders, with the lion's share of their money from their own savings and part contributed by their children.
In some stock trading outlets, the funds of the aged shareholders make up more than 20 percent of the total available on the capital market in some cities.
Because of lower interest rates over the last two years, more old people have drawn money from their savings accounts to pour into the stock market, in hopes of making money.
For example, Li Wanquan, a senior citizen in Changchun, was an engineer of a state-owned company before retirement He had known nothing about stocks before entering the stock market.
Following two years of practice, he has learned quite a lot, with stocks becoming a major part of his life. To gain more knowledge of stocks, he has subscribed to the stock-related newspaper titled China Securities. He watches TV programs on securities analysis every day.ĦĦA teacher, by the name of Pang Guifen, stayed idle at home after retirement. When she saw some of her neighbors speculating in stocks, she also wanted to try her luck. With the money given by her children, she began to speculate in stocks.
She said, "I feel that I live a more meaningful life although I have not earned much money from the stock market in the past two years."
Some experts suggest that aged shareholders should care much more about their health. Speculation in the stock market should be regarded entirely as recreation.
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