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Shanghai stock index slips over falling FDI
By Ye Zhen |
August 16, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning after China reported a drop in foreign direct investment for a second month in July due to a slowing economy.
The key Shanghai Composite Index is down 0.08 percent, or 1.64 points to 2,117.30 points. Turnover stood at 20.3 billion yuan (US$3.2 billion) at midday.
China's foreign investment inflow shrank 8.7 percent from a year earlier to USD$7.58 billion in July, the Ministry of Commerce said today. That extended the year-on-year decrease of 6.9 percent in June as the world's second largest economy continued its downward trend.
China drew US$66.7 billion in foreign direct investment in the first seven months, down 3.6 percent from the same period of last year.
Oil-related stocks led the market down. Zhejiang Haiyue Co, a company engaged in the distribution of refined oil products, lost 1.2 percent to 9.92 yuan. China Oilfield Services Limited sank 1.1 percent to 16.70 yuan. Offshore Oil Engineering Co dipped 0.9 percent to 5.76 yuan.
Distilleries also fell. Kweichow Moutai Co retreated 1.5 percent to 240.50 yuan. Tsingtao Brewery Co dropped 3.5 percent to 33.29 yuan. Sichuan Tuopai Shede Wine Co slumped 3.1 percent to 34.34 yuan.
The market decline was offset by the rally of brokers on speculation China's top securities regulator may allow them to start margin trading and short selling business as early as next week. Soochow Securities Co climbed 1.1 percent to 7.63 yuan. Haitong Securities Co gained 0.2 percent to 8.64 yuan. China Merchants Securities Co added 0.4 percent to 9.95 yuan.
The key Shanghai Composite Index is down 0.08 percent, or 1.64 points to 2,117.30 points. Turnover stood at 20.3 billion yuan (US$3.2 billion) at midday.
China's foreign investment inflow shrank 8.7 percent from a year earlier to USD$7.58 billion in July, the Ministry of Commerce said today. That extended the year-on-year decrease of 6.9 percent in June as the world's second largest economy continued its downward trend.
China drew US$66.7 billion in foreign direct investment in the first seven months, down 3.6 percent from the same period of last year.
Oil-related stocks led the market down. Zhejiang Haiyue Co, a company engaged in the distribution of refined oil products, lost 1.2 percent to 9.92 yuan. China Oilfield Services Limited sank 1.1 percent to 16.70 yuan. Offshore Oil Engineering Co dipped 0.9 percent to 5.76 yuan.
Distilleries also fell. Kweichow Moutai Co retreated 1.5 percent to 240.50 yuan. Tsingtao Brewery Co dropped 3.5 percent to 33.29 yuan. Sichuan Tuopai Shede Wine Co slumped 3.1 percent to 34.34 yuan.
The market decline was offset by the rally of brokers on speculation China's top securities regulator may allow them to start margin trading and short selling business as early as next week. Soochow Securities Co climbed 1.1 percent to 7.63 yuan. Haitong Securities Co gained 0.2 percent to 8.64 yuan. China Merchants Securities Co added 0.4 percent to 9.95 yuan.
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