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Foreign investment figures buoy city stocks
By Ye Zhen |
March 19, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks gained the most in nine days after data showed foreign investment in China rose for the first time in nine months in February.
The benchmark Shanghai Composite Index added 0.78 percent, the biggest advance since March 7, to close at 2,257.43 points. Turnover was 75.5 billion yuan (US$12.2 billion) at the trading close.
Foreign direct investment in China in February rose 6.32 percent from a year earlier to US$8.2 billion, snapping a losing streak of eight months, the Ministry of Commerce said today.
In the first two months of 2013, China attracted US$17.5 billion in foreign direct investment, representing a 1.35 percent decline year on year, the ministry said.
Cement producers led the market up.
Anhui Conch Cement Co, the biggest Chinese cement producer, increased 4.2 percent to 16.99 yuan. Gansu Qilianshan Cement Group Co rose 3.8 percent to 10.40 yuan. Shaanxi Qinling Cement(Group) Co jumped 8.6 percent to 6.05 yuan.
Property developers also rose.
Poly Real Estate gained 4 percent to 11.19 yuan. Gemdale Corporation increased 3.6 percent to 6.27 yuan. Guangzhou Pearl River Industrial Development Co surged 8.7 percent to 11.84 yuan.
BOC International, Bank of China's Investment Banking Group, said in a report today that there is little room for bellwether developers to decline further as their price-to-earning ratio has shrunk to around seven to eight times and robust earning reports are likely to give them a further boost.
The benchmark Shanghai Composite Index added 0.78 percent, the biggest advance since March 7, to close at 2,257.43 points. Turnover was 75.5 billion yuan (US$12.2 billion) at the trading close.
Foreign direct investment in China in February rose 6.32 percent from a year earlier to US$8.2 billion, snapping a losing streak of eight months, the Ministry of Commerce said today.
In the first two months of 2013, China attracted US$17.5 billion in foreign direct investment, representing a 1.35 percent decline year on year, the ministry said.
Cement producers led the market up.
Anhui Conch Cement Co, the biggest Chinese cement producer, increased 4.2 percent to 16.99 yuan. Gansu Qilianshan Cement Group Co rose 3.8 percent to 10.40 yuan. Shaanxi Qinling Cement(Group) Co jumped 8.6 percent to 6.05 yuan.
Property developers also rose.
Poly Real Estate gained 4 percent to 11.19 yuan. Gemdale Corporation increased 3.6 percent to 6.27 yuan. Guangzhou Pearl River Industrial Development Co surged 8.7 percent to 11.84 yuan.
BOC International, Bank of China's Investment Banking Group, said in a report today that there is little room for bellwether developers to decline further as their price-to-earning ratio has shrunk to around seven to eight times and robust earning reports are likely to give them a further boost.
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