Leo Zhang/Shanghai Daily news

Shanghai shares edged up yesterday after a media report said China has set up a company to manage the national securities protection fund, fanning optimism investors' interest may be better shielded.
The Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, inched up 0.01 percent to 1,194.41. The A-share Index added 0.01 percent to 1,255.16 while the B-share Index dipped 0.39 percent to 67.94.
"The government wants to give a jolt of energy to market sentiment," said Lu Chengde, a trader at Guosen Securities Co. "It may offer investors more assurance of the safety of their funds."
The company, China Securities Protection Fund Co Ltd, was established with a registered capital of 6.3 billion yuan (US$777 million) and will start operations soon, the Shanghai Securities News reported, citing an unidentified source.
The firm expects to manage a fund aimed at protecting stock investors who lose their money when brokerages go bankrupt.
The company's board will include senior officials from government agencies such as the China Securities Regulatory Commission, the People's Bank of China and the Ministry of Finance, according to the report.
Sinopec Shanghai Petrochemical Co, China's largest maker of ethylene, grew 0.53 percent to 3.77 yuan.