Rise in FDI helps key index to end up
By Ye Zhen |
March 20, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks gained the most in nine days yesterday after data showed foreign investment in China rose for the first time in nine months in February.
The Shanghai Composite Index added 0.78 percent, the biggest advance since March 7, to close at 2,257.43 points.
Foreign direct investment in China in February rose 6.32 percent from a year earlier to US$8.2 billion, reversing a decline of 7.3 percent in January and snapping a losing streak of eight months, the Ministry of Commerce said yesterday.
In the two months, China attracted US$17.5 billion in foreign direct investment, but it was a 1.35 percent annual decline, the ministry said.
Property developers rose on their low market valuations and optimism over their earnings.
BOC International, the Bank of China's investment banking group, said in a report yesterday that although concerns rose over the tighter measures, there is little room for bellwether developers to fall further as their price-to-earnings ratio has shrunk to seven to eight times. Expectations over their robust earning reports may also boost the firms.
Poly Real Estate gained 4 percent to 11.19 yuan (US$1.80), Gemdale Corp added 3.6 percent to 6.27 yuan and Guangzhou Pearl River Industrial Development Co surged 8.7 percent to 11.84 yuan.
The Shanghai Composite Index added 0.78 percent, the biggest advance since March 7, to close at 2,257.43 points.
Foreign direct investment in China in February rose 6.32 percent from a year earlier to US$8.2 billion, reversing a decline of 7.3 percent in January and snapping a losing streak of eight months, the Ministry of Commerce said yesterday.
In the two months, China attracted US$17.5 billion in foreign direct investment, but it was a 1.35 percent annual decline, the ministry said.
Property developers rose on their low market valuations and optimism over their earnings.
BOC International, the Bank of China's investment banking group, said in a report yesterday that although concerns rose over the tighter measures, there is little room for bellwether developers to fall further as their price-to-earnings ratio has shrunk to seven to eight times. Expectations over their robust earning reports may also boost the firms.
Poly Real Estate gained 4 percent to 11.19 yuan (US$1.80), Gemdale Corp added 3.6 percent to 6.27 yuan and Guangzhou Pearl River Industrial Development Co surged 8.7 percent to 11.84 yuan.
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