Weak data drag index to lowest level in 4 weeks
By Hu Xiaocen |
May 16, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks dropped yesterday to their lowest level in four weeks after official data showed that foreign direct investment in China fell for the sixth straight month in April.
The Shanghai Composite Index shed 0.25 percent to end at 2,374.84 points.
The dismal economic data underscored the risk that China's economic slowdown may deepen further after exports and industrial output growth stalled last month.
Inbound investment fell 0.74 percent in April from a year earlier to US$8.4 billion, and in the first four months it lost 14 percent to US$37.9 billion, the Ministry of Commerce said.
The decline in FDI was partly on the lackluster global economy, Shen Danyang, a ministry spokesman, said yesterday.
Lenders fell on weak credit demand amid a cloudy outlook for the economy. The Industrial and Commercial Bank of China, the nation's biggest lender, and China Citic Bank both lost 0.9 percent to close at 4.33 yuan (68 US cents) and 4.36 yuan. The Bank of China shed 0.3 percent to finish at 3.02 yuan.
The Shanghai Composite Index shed 0.25 percent to end at 2,374.84 points.
The dismal economic data underscored the risk that China's economic slowdown may deepen further after exports and industrial output growth stalled last month.
Inbound investment fell 0.74 percent in April from a year earlier to US$8.4 billion, and in the first four months it lost 14 percent to US$37.9 billion, the Ministry of Commerce said.
The decline in FDI was partly on the lackluster global economy, Shen Danyang, a ministry spokesman, said yesterday.
Lenders fell on weak credit demand amid a cloudy outlook for the economy. The Industrial and Commercial Bank of China, the nation's biggest lender, and China Citic Bank both lost 0.9 percent to close at 4.33 yuan (68 US cents) and 4.36 yuan. The Bank of China shed 0.3 percent to finish at 3.02 yuan.
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