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Falling FDI dents confidence as index sinks 0.4%
By Ye Zhen |
November 20, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell today as China's dwindling foreign investment inflow in October weighted on the market sentiment.
The key Shanghai Composite Index lost 0.4 percent to 2,008.92 points. Daily turnover fell to 33.4 billion yuan (US$5.4 billion).
Only 67 billion yuan of shares changed hands today in the Shanghai and Shenzhen bourses, indicating China's capital market remains weak due to a lack of policy support and economic corrections, said Wanlong Securities.
Investor confidence sagged after the Ministry of Commerce said the country's foreign direct investment fell 0.24 percent from a year earlier to US$8.3 billion in October, extending the decline to the fifth month.
China absorbed US$91.7 billion in foreign direct investment in the first ten months of this year, down 3.45 percent year on year, the ministry said.
Ping An Insurance Co led the decline of financial stocks, falling 3.2 percent, the biggest in more than three weeks, to 35.33 yuan after HSBC said it was in talks to sell all of its 1.23 billion Hong Kong-traded shares in Ping An.
China Life Insurance, the country's biggest insurer, shed 1.1 percent to 17.08 yuan. China Pacific Insurance (Group) Co decreased 1.1 percent to 16.48 yuan.
Industrial and Commercial Bank of China, the nation's largest lender, lost 0.5 percent to 3.83 yuan. China Construction Bank Corporation fell 1.2 percent to 4.16 yuan. China Merchants Bank skid 0.9 percent to 9.83 yuan.
Brokerages ran into profit-taking after they surged yesterday as the regulator relaxed control on their operation. Sinolink Securities Co lost 1.7 percent to 15.16 yuan. Citic Securities, the biggest listed brokerage, shed 1.4 percent to 10.44 yuan. Haitong Securities Co fell 1.3 percent to 8.30 yuan.
The key Shanghai Composite Index lost 0.4 percent to 2,008.92 points. Daily turnover fell to 33.4 billion yuan (US$5.4 billion).
Only 67 billion yuan of shares changed hands today in the Shanghai and Shenzhen bourses, indicating China's capital market remains weak due to a lack of policy support and economic corrections, said Wanlong Securities.
Investor confidence sagged after the Ministry of Commerce said the country's foreign direct investment fell 0.24 percent from a year earlier to US$8.3 billion in October, extending the decline to the fifth month.
China absorbed US$91.7 billion in foreign direct investment in the first ten months of this year, down 3.45 percent year on year, the ministry said.
Ping An Insurance Co led the decline of financial stocks, falling 3.2 percent, the biggest in more than three weeks, to 35.33 yuan after HSBC said it was in talks to sell all of its 1.23 billion Hong Kong-traded shares in Ping An.
China Life Insurance, the country's biggest insurer, shed 1.1 percent to 17.08 yuan. China Pacific Insurance (Group) Co decreased 1.1 percent to 16.48 yuan.
Industrial and Commercial Bank of China, the nation's largest lender, lost 0.5 percent to 3.83 yuan. China Construction Bank Corporation fell 1.2 percent to 4.16 yuan. China Merchants Bank skid 0.9 percent to 9.83 yuan.
Brokerages ran into profit-taking after they surged yesterday as the regulator relaxed control on their operation. Sinolink Securities Co lost 1.7 percent to 15.16 yuan. Citic Securities, the biggest listed brokerage, shed 1.4 percent to 10.44 yuan. Haitong Securities Co fell 1.3 percent to 8.30 yuan.
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