Data pull down key barometer
By Feng Jianmin |
October 22, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index slid yesterday after a batch of new government data showed slowing economic growth and higher inflation. Banks fell and metal producers rose.
The Shanghai Composite Index fell 0.7 percent, or 20.42 points, to close at 2,983.53. Turnover fell to 205 billion yuan (US$30.8 billion) from Wednesday's 262 billion yuan.
China's gross domestic product rose 9.6 percent from a year earlier in the third quarter, slowing from 10.3 percent growth in the second quarter, the National Bureau of Statistics reported. Consumer prices rose to a 23-month high of 3.6 percent in September, and factory production growth slowed.
"The government has stepped up energy-conservation measures this year, which pared production of some high energy-consumption industries," said Sheng Laiyun, a bureau spokesman. "This caused a slowdown in industrial expansion."
"The stock market has already absorbed the negative impact of a slowdown in economic growth,'' said an analyst at Changjiang Securities, who declined to be named. ''Further tightening measures are unlikely in the short-term, and we expect that inflationary pressure will ease after October."
Banks fell on concerns this week's unexpected 25 basis-point rise in interest rates may further hit the property market. China Everbright Bank Co dropped 4.9 percent to 4.47 yuan and Bank of China fell 1.7 percent to 3.55 yuan.
The Shanghai Composite Index fell 0.7 percent, or 20.42 points, to close at 2,983.53. Turnover fell to 205 billion yuan (US$30.8 billion) from Wednesday's 262 billion yuan.
China's gross domestic product rose 9.6 percent from a year earlier in the third quarter, slowing from 10.3 percent growth in the second quarter, the National Bureau of Statistics reported. Consumer prices rose to a 23-month high of 3.6 percent in September, and factory production growth slowed.
"The government has stepped up energy-conservation measures this year, which pared production of some high energy-consumption industries," said Sheng Laiyun, a bureau spokesman. "This caused a slowdown in industrial expansion."
"The stock market has already absorbed the negative impact of a slowdown in economic growth,'' said an analyst at Changjiang Securities, who declined to be named. ''Further tightening measures are unlikely in the short-term, and we expect that inflationary pressure will ease after October."
Banks fell on concerns this week's unexpected 25 basis-point rise in interest rates may further hit the property market. China Everbright Bank Co dropped 4.9 percent to 4.47 yuan and Bank of China fell 1.7 percent to 3.55 yuan.
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