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Shanghai index down 0.94% on ebbing FDI, slower trade
By Hu Xiaocen |
April 17, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks slumped on dwindling foreign direct investment in March and slowing trade growth in the first quarter, fueling worries about an entrenched global financial crisis.
The Shanghai Composite Index lost 0.94 percent, the most in more than two weeks, to 2,334.98 points. Turnover stood at 72.5 billion yuan (US$11.5 billion) after trade close.
Brokerages were among the worst performers averaging a 3.4 percent drop on news of reduced earnings.
Industrial Securities Co yesterday reported a 44.7 percent plunge in net profit last year and its shares fell 3.8 percent today to close at 10.76 yuan.
Southwest Securities Co's shares tumbled 2.5 percent to 9.09 yuan after the brokerage reported a 46 percent drop in net earnings in the first quarter from the same period last year.
China's inbound investment declined for a fifth straight month in March by 6.1 percent from a year earlier to US$11.76 billion, the Ministry of Commerce said today. Foreign direct investment in the first quarter shrank 2.8 percent to US$29.48 billion due to a slowing economy and limited prospects for gains in yuan.
Concerns about deteriorating European debt crisis grew on dwindling investment from Europe.
"The outlook for 2012 is grim," said Shen Danyang, a ministry spokesman, at a press conference today. "There's no good solution for the European debt crisis yet. This let European companies to cut spending in China."
Investment from the European Union plunged 31.2 percent year-on-year in the first quarter, according the ministry.
The ministry also reported a 7.3 percent growth in China's trade in the first quarter as compared with the same period of last year. Shen said the growth rate is "relatively low" but the annual target of 10 percent is still achievable.
Property developers plunged 2.8 percent on average after Shanghai Mayor Han Zheng said yesterday that the city will maintain a firm grip on the property market in the second quarter.
China Vanke Co, the nation's biggest developer, tumbled 2.3 percent to 8.37 yuan. Poly Real Estate Group Co, the runner-up, slumped 2.9 percent to 11.64 yuan.
The Shanghai Composite Index lost 0.94 percent, the most in more than two weeks, to 2,334.98 points. Turnover stood at 72.5 billion yuan (US$11.5 billion) after trade close.
Brokerages were among the worst performers averaging a 3.4 percent drop on news of reduced earnings.
Industrial Securities Co yesterday reported a 44.7 percent plunge in net profit last year and its shares fell 3.8 percent today to close at 10.76 yuan.
Southwest Securities Co's shares tumbled 2.5 percent to 9.09 yuan after the brokerage reported a 46 percent drop in net earnings in the first quarter from the same period last year.
China's inbound investment declined for a fifth straight month in March by 6.1 percent from a year earlier to US$11.76 billion, the Ministry of Commerce said today. Foreign direct investment in the first quarter shrank 2.8 percent to US$29.48 billion due to a slowing economy and limited prospects for gains in yuan.
Concerns about deteriorating European debt crisis grew on dwindling investment from Europe.
"The outlook for 2012 is grim," said Shen Danyang, a ministry spokesman, at a press conference today. "There's no good solution for the European debt crisis yet. This let European companies to cut spending in China."
Investment from the European Union plunged 31.2 percent year-on-year in the first quarter, according the ministry.
The ministry also reported a 7.3 percent growth in China's trade in the first quarter as compared with the same period of last year. Shen said the growth rate is "relatively low" but the annual target of 10 percent is still achievable.
Property developers plunged 2.8 percent on average after Shanghai Mayor Han Zheng said yesterday that the city will maintain a firm grip on the property market in the second quarter.
China Vanke Co, the nation's biggest developer, tumbled 2.3 percent to 8.37 yuan. Poly Real Estate Group Co, the runner-up, slumped 2.9 percent to 11.64 yuan.
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