Related News
Falling FDI weighs on city stocks
By Ye Zhen |
February 20, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning after data showed China's foreign direct investment shrank eight months in a row in January.
The benchmark Shanghai Composite Index shed 0.07 percent to 2,381.20 points. Turnover was 52 billion yuan (US$8.4 billion) at midday.
China attracted US$9.27 billion of foreign direct investment in January, falling 7.3 percent from a year earlier. The decline accelerated from December's fall of 4.5 percent, shrinking for the eighth straight month.
Everbright Securities said the index also fell on market corrections, but the foundation for upward movement remains firm.
"The stock market is likely to rise further on improving corporate earnings as the economic recovery is expected to continue in the first half of this year," the broker said.
Lenders declined among financial stocks on speculation the government may increase borrowing costs for second-home buyers.
China Minsheng Banking Corp slipped 2.3 percent to 10.30 yuan. Shanghai Pudong Development Bank dropped 3.3 percent to 10.73 yuan. China Merchants Bank lost 2.2 percent to 13.52 yuan.
Cement producers also fell. Anhui Conch Cement Co, China's biggest cement producer, shed 1.3 percent to 19.47 yuan. Gansu Qilianshan Cement Group decreased 1.3 percent to 11.23 yuan. Shaanxi Qinling Cement Group lost 1.4 percent to 6.56 yuan.
The benchmark Shanghai Composite Index shed 0.07 percent to 2,381.20 points. Turnover was 52 billion yuan (US$8.4 billion) at midday.
China attracted US$9.27 billion of foreign direct investment in January, falling 7.3 percent from a year earlier. The decline accelerated from December's fall of 4.5 percent, shrinking for the eighth straight month.
Everbright Securities said the index also fell on market corrections, but the foundation for upward movement remains firm.
"The stock market is likely to rise further on improving corporate earnings as the economic recovery is expected to continue in the first half of this year," the broker said.
Lenders declined among financial stocks on speculation the government may increase borrowing costs for second-home buyers.
China Minsheng Banking Corp slipped 2.3 percent to 10.30 yuan. Shanghai Pudong Development Bank dropped 3.3 percent to 10.73 yuan. China Merchants Bank lost 2.2 percent to 13.52 yuan.
Cement producers also fell. Anhui Conch Cement Co, China's biggest cement producer, shed 1.3 percent to 19.47 yuan. Gansu Qilianshan Cement Group decreased 1.3 percent to 11.23 yuan. Shaanxi Qinling Cement Group lost 1.4 percent to 6.56 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
