FDI rebound offers boost to shares
Print Edition
SHANGHAI stocks edged up yesterday as foreign direct investment in China rebounded in April.
The Shanghai Composite Index added 0.08 percent to end at 2,026.5, after falling for three days in a row. For the week, the index gained 0.76 percent, the first weekly advance in five weeks.
China drew US$8.7 billion of foreign direct investment last month, up 3.4 percent from a year earlier, the Ministry of Commerce said yesterday. The rebound followed a 1.5 percent decline in March.
But the recovery was a small comfort for the market after other economic data released this week all pointed to slower growth in retail sales, industrial output and fixed-asset investment.
Shenyin & Wanguo Securities said the market will continue to be weak while the resumption of initial public offerings will also weigh on investor confidence.
Property firms recovered, with Poly Real Estate climbing 1.6 percent to 7.49 yuan (US$1.20) and Gemdale Corp up 0.9 percent to 7.67 yuan.
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