Cautious investors spook index
By Lu Nengneng |
January 12, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged down yesterday, snapping a three-day advance, as investors turned cautious toward taking long positions ahead of the release of China's inflation data today.
The Shanghai Composite Index shed 0.42 percent to end at 2,276.05 points.
Investors had cold feet as they turned cautious over the unveiling of the Consumer Price Index, a general gauge of inflation, for December today, causing the stock market to level off from a three-day 6.4 percent winning streak.
Though the inflation may ease further in December, probably to 4 percent, from November's 4.2 percent, economists have warned of a possible rebound in inflation this year.
Banks were among the worst decliners yesterday because the central bank didn't cut the reserve requirement ratio as expected to ease their liquidity crunch. China Merchants Bank slid 0.6 percent to 12.49 yuan. China CITIC Bank lost 1.2 percent to 4.22 yuan.
Huaneng Power, the listed unit of China's largest power group, fell 1.8 percent to 5.39 yuan. GD Power Development Co, the largest electricity firm in northeast China, lost 1.8 percent to 2.76 yuan. Huadian Power International Corp, a unit of China's fourth-largest power firm, slid 1.2 percent to 3.31 yuan.
China's power-use growth may slow to 8.5 percent this year, Xinhua news agency reported, citing Yu Yanshan, vice director of the State Electricity Regulatory Commission.
The Shanghai Composite Index shed 0.42 percent to end at 2,276.05 points.
Investors had cold feet as they turned cautious over the unveiling of the Consumer Price Index, a general gauge of inflation, for December today, causing the stock market to level off from a three-day 6.4 percent winning streak.
Though the inflation may ease further in December, probably to 4 percent, from November's 4.2 percent, economists have warned of a possible rebound in inflation this year.
Banks were among the worst decliners yesterday because the central bank didn't cut the reserve requirement ratio as expected to ease their liquidity crunch. China Merchants Bank slid 0.6 percent to 12.49 yuan. China CITIC Bank lost 1.2 percent to 4.22 yuan.
Huaneng Power, the listed unit of China's largest power group, fell 1.8 percent to 5.39 yuan. GD Power Development Co, the largest electricity firm in northeast China, lost 1.8 percent to 2.76 yuan. Huadian Power International Corp, a unit of China's fourth-largest power firm, slid 1.2 percent to 3.31 yuan.
China's power-use growth may slow to 8.5 percent this year, Xinhua news agency reported, citing Yu Yanshan, vice director of the State Electricity Regulatory Commission.
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