Investor concerns dent index
By Lu Nengneng |
March 16, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI'S stocks ended yesterday lower amid investor worries over an extended decline in foreign direct investment and possible continued volatility in the housing market.
The Shanghai Composite Index shed 0.73 percent to close at 2,373.77, the lowest since February 20.
The Ministry of Commerce said yesterday that FDI had fallen for a fourth consecutive month in February. Investment in February shed 0.9 percent on an annual basis to US$7.73 billion last month as Europe continued to slash spending amid the continent's debt crisis.
A heavy cloud continued to hover over investor sentiment after Premier Wen Jiabao said on Wednesday that the government would not ease curbs on the housing market, which may crimp China's economic growth.
Poly Real Estate sank 2.55 percent to 10.72 yuan, and Gemdale Group tumbled 4.42 percent to 5.62 yuan.
Adrian Mowat, JPMorgan Chase & Co's chief Asian and emerging-market strategist, warned at a conference in Singapore recently that China is already in a hard landing mode after data over its auto sales, cement output and steel production pointed to a decline.
Anhui Conch Cement, China's biggest cement producer, fell 4.19 percent to 16.02 yuan. Inner Mongolia Baotou Steel Union sank 3.33 percent to close at 5.52 yuan.
The Shanghai Composite Index shed 0.73 percent to close at 2,373.77, the lowest since February 20.
The Ministry of Commerce said yesterday that FDI had fallen for a fourth consecutive month in February. Investment in February shed 0.9 percent on an annual basis to US$7.73 billion last month as Europe continued to slash spending amid the continent's debt crisis.
A heavy cloud continued to hover over investor sentiment after Premier Wen Jiabao said on Wednesday that the government would not ease curbs on the housing market, which may crimp China's economic growth.
Poly Real Estate sank 2.55 percent to 10.72 yuan, and Gemdale Group tumbled 4.42 percent to 5.62 yuan.
Adrian Mowat, JPMorgan Chase & Co's chief Asian and emerging-market strategist, warned at a conference in Singapore recently that China is already in a hard landing mode after data over its auto sales, cement output and steel production pointed to a decline.
Anhui Conch Cement, China's biggest cement producer, fell 4.19 percent to 16.02 yuan. Inner Mongolia Baotou Steel Union sank 3.33 percent to close at 5.52 yuan.
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