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Shanghai stocks ease on weaker foreign investment
By Hu Xiaocen |
April 17, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks shed in the morning session on falling foreign direct investment in March which added worries that the global financial woes are hurting the economy.
The Shanghai Composite Index lost 0.18 percent, or 4.3 points, to 2,352.72, with turnover of 41 billion yuan (US$6.48 billion) by the noon break.
Financials were among the worst performers in the morning. Industrial and Commercial Bank of China, the nation's largest lender, slid 0.2 percent to 4.35 yuan. China Life Insurance Co, the country's biggest life insurer, retreated 0.7 percent to 17.03 yuan. Haitong Securities Co slumped 1.8 percent to 10.05 yuan.
Foreign direct investment in March dropped for a fifth month by 6.1 percent from a year earlier to US$11.76 billion, the Ministry of Commerce said today, while inbound investment for the first quarter dropped 2.8 percent to US$29.48 billion amid government curbs on real estate.
"The outlook for 2012 is not good," Shen Danyang, spokesman at the ministry, said in a press conference today. "There's no proper solution for Europe's debt crisis yet, which has cut European companies' spending in China."
Investment by the European Union in China plunged 31.2 percent in the first three months compared to the same period last year, according the data published by the ministry.
Property developers slumped 1 percent on average by the noon break after Shanghai Mayor Han Zheng said in a meeting yesterday that the city will maintain its tough grip on the property market in the second quarter.
China Vanke Co, the nation's biggest developer, slumped 1.8 percent to 8.42 yuan. Poly Real Estate Group Co, the second-biggest developer, retreated 1.3 percent to 11.84 yuan. Xi'an Gree Real Estate Co plunged 2.9 percent to 6.3 yuan.
The Shanghai Composite Index lost 0.18 percent, or 4.3 points, to 2,352.72, with turnover of 41 billion yuan (US$6.48 billion) by the noon break.
Financials were among the worst performers in the morning. Industrial and Commercial Bank of China, the nation's largest lender, slid 0.2 percent to 4.35 yuan. China Life Insurance Co, the country's biggest life insurer, retreated 0.7 percent to 17.03 yuan. Haitong Securities Co slumped 1.8 percent to 10.05 yuan.
Foreign direct investment in March dropped for a fifth month by 6.1 percent from a year earlier to US$11.76 billion, the Ministry of Commerce said today, while inbound investment for the first quarter dropped 2.8 percent to US$29.48 billion amid government curbs on real estate.
"The outlook for 2012 is not good," Shen Danyang, spokesman at the ministry, said in a press conference today. "There's no proper solution for Europe's debt crisis yet, which has cut European companies' spending in China."
Investment by the European Union in China plunged 31.2 percent in the first three months compared to the same period last year, according the data published by the ministry.
Property developers slumped 1 percent on average by the noon break after Shanghai Mayor Han Zheng said in a meeting yesterday that the city will maintain its tough grip on the property market in the second quarter.
China Vanke Co, the nation's biggest developer, slumped 1.8 percent to 8.42 yuan. Poly Real Estate Group Co, the second-biggest developer, retreated 1.3 percent to 11.84 yuan. Xi'an Gree Real Estate Co plunged 2.9 percent to 6.3 yuan.
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