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Shanghai index dips over eurozone debt crisis concerns
By Ye Zhen |
May 15, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks dipped today as worries intensified over the eurozone debt crisis and the downside risk in China's economic outlook.
The Shanghai Composite Index slipped 0.25 percent or 5.89 points to 2,374.84. Turnover stood at 77.3 billion yuan (US$12.27 billion) at the trading close.
A political deadlock in Athens raised concern that Greece may be forced to leave the single currency union, sending the euro to near an almost four-month low against the US dollar.
Foreign direct investment in China in April fell 0.74 percent from a year earlier to US$8.4 billion, the Ministry of Commerce said today, adding to signs that the world's second biggest economy is cooling.
Downside risk remains in China's economy as rising labor costs and raw material prices are driving away inbound investment, said Bai Ming, a researcher with the Ministry of Commerce.
Lenders sank as non-performing loans in China's commercial banks picked up in the first quarter. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, fell 0.9 percent to 4.33 yuan. Bank of Communications Co lost 0.8 percent to 4.74 yuan. China Minsheng Banking Corp shed 0.6 percent to 6.58 yuan.
The market's decline was slowed by a surge in consumer electronics industry as data from the Ministry of Commerce showed demand for appliances rebounded in April. Qingdao Haier Co jumped 7.8 percent to 12.20 yuan. Hisense Electric Co gained 6.4 percent to 18.59 yuan. Aucma Co rose 5 percent to 5.21 yuan.
Brokerages and insurers also advanced. Sinolink Securities Co rose 1.5 percent to 14.44 yuan. Citic Securities, the biggest listed brokerage, gained 1.2 percent to 13.03 yuan.
China Life Insurance, the country's biggest insurer, rose 1.0 percent to 17.85 yuan. Ping An Insurance (Group) Co, China's second largest insurer, climbed 3.4 percent to 42.19 yuan.
The Shanghai Composite Index slipped 0.25 percent or 5.89 points to 2,374.84. Turnover stood at 77.3 billion yuan (US$12.27 billion) at the trading close.
A political deadlock in Athens raised concern that Greece may be forced to leave the single currency union, sending the euro to near an almost four-month low against the US dollar.
Foreign direct investment in China in April fell 0.74 percent from a year earlier to US$8.4 billion, the Ministry of Commerce said today, adding to signs that the world's second biggest economy is cooling.
Downside risk remains in China's economy as rising labor costs and raw material prices are driving away inbound investment, said Bai Ming, a researcher with the Ministry of Commerce.
Lenders sank as non-performing loans in China's commercial banks picked up in the first quarter. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, fell 0.9 percent to 4.33 yuan. Bank of Communications Co lost 0.8 percent to 4.74 yuan. China Minsheng Banking Corp shed 0.6 percent to 6.58 yuan.
The market's decline was slowed by a surge in consumer electronics industry as data from the Ministry of Commerce showed demand for appliances rebounded in April. Qingdao Haier Co jumped 7.8 percent to 12.20 yuan. Hisense Electric Co gained 6.4 percent to 18.59 yuan. Aucma Co rose 5 percent to 5.21 yuan.
Brokerages and insurers also advanced. Sinolink Securities Co rose 1.5 percent to 14.44 yuan. Citic Securities, the biggest listed brokerage, gained 1.2 percent to 13.03 yuan.
China Life Insurance, the country's biggest insurer, rose 1.0 percent to 17.85 yuan. Ping An Insurance (Group) Co, China's second largest insurer, climbed 3.4 percent to 42.19 yuan.
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