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Stocks slump on shrinking October FDI
By Vera Ye |
November 21, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks declined yesterday after data showed foreign investment inflows to China moderated for the fifth consecutive month in October, fueling concern that a weak global environment may take a toll on the domestic economy.
The key Shanghai Composite Index lost 0.4 percent to 2,008.92 points.
Foreign direct investment in China fell 0.24 percent from a year earlier to US$8.3 billion in October, extending the decline to a fifth month, the Ministry of Commerce said yesterday.
China drew US$91.7 billion in FDI during the January-October period this year, down 3.45 percent from the same period last year, the ministry said.
"There are still many uncertainties in the global economic situation and the weak external demand is among the most severe factors," Shen Danyang, a ministry spokesman, said.
Ping An Insurance Co led the decline of financial stocks, falling 3.2 percent, the biggest in more than three weeks, to 35.33 yuan after HSBC said it was in talks to sell all of its 1.23 billion Hong Kong-traded shares in Ping An.
China Life Insurance, the country's biggest insurer, shed 1.1 percent to 17.08 yuan. China Pacific Insurance (Group) Co also decreased 1.1 percent to 16.48 yuan.
The combined trading volume on the two bourses -- Shanghai and Shenzhen -- was a mere 67 billion yuan (US$10.8 billion) yesterday, the lowest level in four years.
The key Shanghai Composite Index lost 0.4 percent to 2,008.92 points.
Foreign direct investment in China fell 0.24 percent from a year earlier to US$8.3 billion in October, extending the decline to a fifth month, the Ministry of Commerce said yesterday.
China drew US$91.7 billion in FDI during the January-October period this year, down 3.45 percent from the same period last year, the ministry said.
"There are still many uncertainties in the global economic situation and the weak external demand is among the most severe factors," Shen Danyang, a ministry spokesman, said.
Ping An Insurance Co led the decline of financial stocks, falling 3.2 percent, the biggest in more than three weeks, to 35.33 yuan after HSBC said it was in talks to sell all of its 1.23 billion Hong Kong-traded shares in Ping An.
China Life Insurance, the country's biggest insurer, shed 1.1 percent to 17.08 yuan. China Pacific Insurance (Group) Co also decreased 1.1 percent to 16.48 yuan.
The combined trading volume on the two bourses -- Shanghai and Shenzhen -- was a mere 67 billion yuan (US$10.8 billion) yesterday, the lowest level in four years.
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