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Shanghai stocks dragged down by FDI decline
By Ye Zhen |
August 16, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today as official data showed foreign direct investment into China fell for the second consecutive month in July, casting doubt on Premier Wen's belief that China can fulfill this year's economic target.
The key Shanghai Composite Index dropped 0.32 percent, or 6.75 points to 2,112.20 points. Turnover was 39 billion yuan (US$6.2 billion) at the trading close.
Foreign direct investment into China declined 8.7 percent from a year earlier in July to USD$7.58 billion. That compares with 6.9 percent in June. In the first seven months, FDI fell 3.6 percent from a year earlier to US$66.7 billion, the Ministry of Commerce said today.
China is capable of meeting this year's social and economic development targets, Premier Wen Jiabao said during a two-day inspection tour in Zhejiang Province, which ended yesterday. The central government has set this year's economic growth target at 7.5 percent.
But Wen warned that China's economy is still under pressure and economic hardship may continue.
Zhejiang Haiyue Co, a company engaged in the distribution of refined oil products, lost among oil-related stocks, falling 1.2 percent to end at 9.92 yuan. China Oilfield Services Limited sank 1.7 percent to 16.60 yuan. Offshore Oil Engineering Co dropped 2.2 percent to 5.68 yuan.
Distilleries continued a weak run. Kweichow Moutai Co retreated 2 percent to 239.28 yuan. Tsingtao Brewery Co dropped 4 percent to 33.10 yuan. Sichuan Tuopai Shede Wine Co slumped 4.3 percent to 33.93 yuan.
Ship manufacturers gained on new government policy to support the shipping industry. Guangzhou Shipyard International Co surged 6.1 percent to close at 14.44 yuan. China CSSC Holdings Ltd rose 1.9 percent to 21.11 yuan.
The key Shanghai Composite Index dropped 0.32 percent, or 6.75 points to 2,112.20 points. Turnover was 39 billion yuan (US$6.2 billion) at the trading close.
Foreign direct investment into China declined 8.7 percent from a year earlier in July to USD$7.58 billion. That compares with 6.9 percent in June. In the first seven months, FDI fell 3.6 percent from a year earlier to US$66.7 billion, the Ministry of Commerce said today.
China is capable of meeting this year's social and economic development targets, Premier Wen Jiabao said during a two-day inspection tour in Zhejiang Province, which ended yesterday. The central government has set this year's economic growth target at 7.5 percent.
But Wen warned that China's economy is still under pressure and economic hardship may continue.
Zhejiang Haiyue Co, a company engaged in the distribution of refined oil products, lost among oil-related stocks, falling 1.2 percent to end at 9.92 yuan. China Oilfield Services Limited sank 1.7 percent to 16.60 yuan. Offshore Oil Engineering Co dropped 2.2 percent to 5.68 yuan.
Distilleries continued a weak run. Kweichow Moutai Co retreated 2 percent to 239.28 yuan. Tsingtao Brewery Co dropped 4 percent to 33.10 yuan. Sichuan Tuopai Shede Wine Co slumped 4.3 percent to 33.93 yuan.
Ship manufacturers gained on new government policy to support the shipping industry. Guangzhou Shipyard International Co surged 6.1 percent to close at 14.44 yuan. China CSSC Holdings Ltd rose 1.9 percent to 21.11 yuan.
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