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Falling FDI drags down Shanghai index
By Ye Zhen |
October 19, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower this morning after data showed foreign direct investment in China fell for the fourth month.
The key Shanghai Composite Index shed 0.09 percent, or 1.97 points, to 2,129.71 points. Turnover stood at 29.4 billion yuan (US$4.7 billion) by the noon break.
Foreign direct investment in China fell 6.8 percent year on year in September to US$8.43 billion, extending the decline to the fourth straight month, the Ministry of Commerce said today.
The dismal FDI data came after a set of economic indicators released yesterday, such as GDP, retail sales and industrial output, showed signs of recovery, and the sobering figure cast some shadow on the outlook of the world's second largest economy.
Non-ferrous metals producers retreated. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 1 percent to 33.40 yuan. Guangdong Dongyangguang Aluminum Co dropped 3.1 percent to 9.50 yuan. Jiangxi Copper, China's biggest producer of the metal, shed 0.8 percent to 22.28 yuan.
Gold stocks lost after gold futures for December delivery decreased US$8.3 to US$1744.70 per ounce. Zijin Mining Group Co, the nation's largest gold producer, slipped 0.5 percent to 3.91 yuan. Shandong Gold Mining Co declined 1.7 percent to 39 yuan. Zhongjin Gold Corp shed 1.5 percent to 16.86 yuan.
Cement producers gained as cement prices picked up as China speeded up infrastructure projects, the 21st Century Business Herald reported. Anhui Conch Cement Co, the country's biggest cement producer, rose 1.9 percent to 16.86 yuan. Gansu Qilianshan Cement Group Co advanced 2 percent to 11.11 yuan.
The key Shanghai Composite Index shed 0.09 percent, or 1.97 points, to 2,129.71 points. Turnover stood at 29.4 billion yuan (US$4.7 billion) by the noon break.
Foreign direct investment in China fell 6.8 percent year on year in September to US$8.43 billion, extending the decline to the fourth straight month, the Ministry of Commerce said today.
The dismal FDI data came after a set of economic indicators released yesterday, such as GDP, retail sales and industrial output, showed signs of recovery, and the sobering figure cast some shadow on the outlook of the world's second largest economy.
Non-ferrous metals producers retreated. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 1 percent to 33.40 yuan. Guangdong Dongyangguang Aluminum Co dropped 3.1 percent to 9.50 yuan. Jiangxi Copper, China's biggest producer of the metal, shed 0.8 percent to 22.28 yuan.
Gold stocks lost after gold futures for December delivery decreased US$8.3 to US$1744.70 per ounce. Zijin Mining Group Co, the nation's largest gold producer, slipped 0.5 percent to 3.91 yuan. Shandong Gold Mining Co declined 1.7 percent to 39 yuan. Zhongjin Gold Corp shed 1.5 percent to 16.86 yuan.
Cement producers gained as cement prices picked up as China speeded up infrastructure projects, the 21st Century Business Herald reported. Anhui Conch Cement Co, the country's biggest cement producer, rose 1.9 percent to 16.86 yuan. Gansu Qilianshan Cement Group Co advanced 2 percent to 11.11 yuan.
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