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Shanghai shares dip on news of slower FDI inflow
By Ye Zhen |
October 19, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks edged down today after data showed foreign investment inflows to China dropped for the fourth month in September, adding to mixed signals about the nation's economy.
The benchmark Shanghai Composite Index shed 0.16 percent, or 3.39 points, to end at 2,128.30 points. Turnover was 50.6 billion yuan (US$8 billion) at the trading close. The index secured the third weekly gain by adding 1.1 percent this week.
Foreign direct investment in China fell 6.8 percent year on year in September to US$8.43 billion, extending decline to the fourth straight month, the Ministry of Commerce said today.
"Investment from developed countries including the EU, the US and Japan went up and down, but the decline has slowed in general," said Shen Danyang, spokesman at the ministry.
The dismal FDI data came after a set of economic indicators released yesterday showed signs of recovery, and the sobering figure cast some shadow on the outlook of the world's second largest economy.
Gold stocks lost after gold futures for December delivery decreased US$8.3 to US$1744.70 per ounce in New York. Zijin Mining Group Co, the nation's largest gold producer, slipped 0.8 percent to 3.90 yuan. Shandong Gold Mining Co declined 2 percent to 38.89 yuan. Zhongjin Gold Corp shed 1.7 percent to 16.83 yuan.
Zhejiang Haiyue Co, a distributor of oil products and liquefied gas, surged 7.6 percent to 10.82 yuan after the company said it will bid in the country's second auction of 20 shale gas blocks.
The benchmark Shanghai Composite Index shed 0.16 percent, or 3.39 points, to end at 2,128.30 points. Turnover was 50.6 billion yuan (US$8 billion) at the trading close. The index secured the third weekly gain by adding 1.1 percent this week.
Foreign direct investment in China fell 6.8 percent year on year in September to US$8.43 billion, extending decline to the fourth straight month, the Ministry of Commerce said today.
"Investment from developed countries including the EU, the US and Japan went up and down, but the decline has slowed in general," said Shen Danyang, spokesman at the ministry.
The dismal FDI data came after a set of economic indicators released yesterday showed signs of recovery, and the sobering figure cast some shadow on the outlook of the world's second largest economy.
Gold stocks lost after gold futures for December delivery decreased US$8.3 to US$1744.70 per ounce in New York. Zijin Mining Group Co, the nation's largest gold producer, slipped 0.8 percent to 3.90 yuan. Shandong Gold Mining Co declined 2 percent to 38.89 yuan. Zhongjin Gold Corp shed 1.7 percent to 16.83 yuan.
Zhejiang Haiyue Co, a distributor of oil products and liquefied gas, surged 7.6 percent to 10.82 yuan after the company said it will bid in the country's second auction of 20 shale gas blocks.
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