Stocks fall from 7-year high on CPI easing
Print Edition
Shanghai stocks fell from a seven-year high yesterday after China’s inflation eased in May, while investors waited for MSCI Inc’s decision on whether to add Chinese mainland A shares into its global indexes.
The Shanghai Composite Index slid 0.4 percent to 5,113.53 points.
China’s Consumer Price Index, a general gauge of inflation, rose 1.2 percent in May, the National Bureau of Statistics said yesterday. The CPI eased from the growth of 1.5 percent in April and 1.4 percent in March.
Meanwhile, investors were also waiting for a MSCI announcement today about whether A shares will be added to the US company’s indexes. If they are included, the yuan-denominated stocks will make up nearly 1 percent of the MSCI benchmark initially, MSCI said.
But Li Bo, senior investment consultant at GF Securities Co, told Shanghai Daily that inclusion in MSCI “is not likely this time” and that the inclusion is more likely to happen in 2016.
CRRC Corp, a merger of trainmakers CSR Corp and China CNR, dived 9.3 percent to 29.38 yuan (US$4.73). The Industrial Bank lost 2.7 percent to 20.12 yuan.
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