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CPI rise dampens Shanghai stocks
By Ding Yining |
May 11, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S market sank nearly 2 percent today to the lowest level in nearly a year as intensifying inflationary pressure brought fears of an interest rate rise soon.
The benchmark Shanghai Composite Index lost 1.90 percent, or 51.18 points, to close at 2,647.57 points. Turnover was 101 billion yuan (US$14.8 billion). Losers outnumbered gainers by 775 to 100 and 47 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, sank 2.41 percent to close at 1,024.65 points.
China's CPI rose 2.8 percent in April, the most in 18 months, and is expected to climb higher in the next three months with surging food prices, chief economist of the National Statistics Bureau Yao Jingyuan told a press conference this morning.
The central bank said in its quarterly monetary policy report that prices are increasing as the domestic economy gradually recovers and liquidity remains relatively loose.
New loans in April reached 774 billion yuan, 182.2 billion yuan higher than in April last year.
Banks and financial shares were flat. Ping An Insurance (Group) Co sank 2.88 percent to 46.82 yuan. China Pacific Insurance (Group) Co Ltd lost 1.99 percent to 24.12 yuan. Bank of Communications shed 2.08 percent to 6.59 yuan. Shanghai Pudong Development Bank was down 1.21 percent to 18.75 yuan.
The Reform and Development Commission of Guangdong Province announced yesterday Baoshan Iron & Steel's joint venture with two local steel makers is expected to kick off one of its most important production bases within three years. The Zhanjiang facility will have annual capacity of 5 million tons and will make high-end carbon steel plates.
Baoshan Iron & Steel, China's biggest steel maker, edged up 0.46 percent to 6.51 yuan. Guangzhou Iron & Steel Co surged by the daily limit of 10 percent to 8.65 yuan. SGIS Songshan Co also rallied 10 percent to 4.57 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.54 percent to 8.96 yuan. PetroChina, the biggest index component, was down 0.90 percent to 10.98 yuan.
Metal producers bucked the downward trend. Zijin Mining Co added 1.61 percent to 8.22 yuan. Ningbo Fubang Jingye Group Co rallied 3.92 percent to 9.28 yuan. Shandong Gold Mining Co surged 3.38 percent to 78.30 yuan.
The benchmark Shanghai Composite Index lost 1.90 percent, or 51.18 points, to close at 2,647.57 points. Turnover was 101 billion yuan (US$14.8 billion). Losers outnumbered gainers by 775 to 100 and 47 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, sank 2.41 percent to close at 1,024.65 points.
China's CPI rose 2.8 percent in April, the most in 18 months, and is expected to climb higher in the next three months with surging food prices, chief economist of the National Statistics Bureau Yao Jingyuan told a press conference this morning.
The central bank said in its quarterly monetary policy report that prices are increasing as the domestic economy gradually recovers and liquidity remains relatively loose.
New loans in April reached 774 billion yuan, 182.2 billion yuan higher than in April last year.
Banks and financial shares were flat. Ping An Insurance (Group) Co sank 2.88 percent to 46.82 yuan. China Pacific Insurance (Group) Co Ltd lost 1.99 percent to 24.12 yuan. Bank of Communications shed 2.08 percent to 6.59 yuan. Shanghai Pudong Development Bank was down 1.21 percent to 18.75 yuan.
The Reform and Development Commission of Guangdong Province announced yesterday Baoshan Iron & Steel's joint venture with two local steel makers is expected to kick off one of its most important production bases within three years. The Zhanjiang facility will have annual capacity of 5 million tons and will make high-end carbon steel plates.
Baoshan Iron & Steel, China's biggest steel maker, edged up 0.46 percent to 6.51 yuan. Guangzhou Iron & Steel Co surged by the daily limit of 10 percent to 8.65 yuan. SGIS Songshan Co also rallied 10 percent to 4.57 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, lost 1.54 percent to 8.96 yuan. PetroChina, the biggest index component, was down 0.90 percent to 10.98 yuan.
Metal producers bucked the downward trend. Zijin Mining Co added 1.61 percent to 8.22 yuan. Ningbo Fubang Jingye Group Co rallied 3.92 percent to 9.28 yuan. Shandong Gold Mining Co surged 3.38 percent to 78.30 yuan.
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