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Index loses 0.73% on weak FDI, falling property plays
By Lu Nengneng |
March 15, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market extended yesterday's losses amid worries over the continual slump in foreign direct investment and more housing market volatility.
The key benchmark Shanghai Composite Index fell 0.73 percent to 2,373.77 points. Turnover stood at 112.3 billion yuan (US$17.7 billion).
The Ministry of Commerce said today that foreign direct investment had fallen for a fourth consecutive month in February. Investment totaled US$7.73 billion last month, dropping 0.9 percent from a year earlier as Europe was cutting spending to solve its own debt crisis.
But concerns over China's economic prospects persisted. Premier Wen Jiabao said yesterday that curbs to tame housing prices cannot be relaxed, which may slow down the real estate industry as a driver of China's economic growth.
Property stocks continued to suffer heavy losses today. China Vanke, the country's largest developer, lost 0.97 percent to 8.21 yuan. Poly Real Estate sank 2.55 percent to 10.72 yuan. Gemdale Group plummeted 4.42 percent to 5.62 yuan.
Following the tumbling property sector, construction material producers and heavy machinery also ended in red. Anhui Conch Cement, China's biggest cement producer, slumped 4.19 percent to 16.02 yuan. Inner Mongolia Baotou Steel Union slumped 3.33 percent to 5.52 yuan. Sany Heavy Industry Co dropped 1.71 percent to 13.8 yuan.
The key benchmark Shanghai Composite Index fell 0.73 percent to 2,373.77 points. Turnover stood at 112.3 billion yuan (US$17.7 billion).
The Ministry of Commerce said today that foreign direct investment had fallen for a fourth consecutive month in February. Investment totaled US$7.73 billion last month, dropping 0.9 percent from a year earlier as Europe was cutting spending to solve its own debt crisis.
But concerns over China's economic prospects persisted. Premier Wen Jiabao said yesterday that curbs to tame housing prices cannot be relaxed, which may slow down the real estate industry as a driver of China's economic growth.
Property stocks continued to suffer heavy losses today. China Vanke, the country's largest developer, lost 0.97 percent to 8.21 yuan. Poly Real Estate sank 2.55 percent to 10.72 yuan. Gemdale Group plummeted 4.42 percent to 5.62 yuan.
Following the tumbling property sector, construction material producers and heavy machinery also ended in red. Anhui Conch Cement, China's biggest cement producer, slumped 4.19 percent to 16.02 yuan. Inner Mongolia Baotou Steel Union slumped 3.33 percent to 5.52 yuan. Sany Heavy Industry Co dropped 1.71 percent to 13.8 yuan.
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