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Fed's QE3 move damps index
By Ye Zhen |
September 18, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks fell the most in 10 weeks yesterday on speculation the Chinese government will delay its monetary easing policy as the US Federal Reserve's latest stimulus package may cause China to face imported inflation.
The Shanghai Composite Index dived 2.14 percent, the most since July 9, to 2,078.5 points.
The Fed's third round of quantitative easing measures, dubbed QE3, may exacerbate imported inflation in China as the move is likely to push up prices for energy and commodities which are essential for its economy, said Zhang Ming, senior researcher at the Institute of World Economics and Politics under the Chinese Academy of Social Sciences. He expects China's inflation to rise as early as the end of this year.
Shenyin and Wanguo Securities Co said in a report that QE3 will complicate China's monetary policy decisions and lower market hopes for imminent easing measures.
China has been delaying monetary easing to avoid a rebound in inflation and home prices even as its economy grew slowly last month.
Property firms fell after Nanjing, capital of Jiangsu Province, reportedly reintroduced curbs on soaring home prices. Poly Real Estate, the nation's second-largest listed developer, lost 6.7 percent to 9.71 yuan(US$1.54), and Gemdale Corp fell 4.1 percent to 4.86 yuan.
CITIC Securities, China's biggest listed brokerage, lost 4 percent to 10.90 yuan, Haitong Securities Co sank 3.9 percent to 8.81 yuan, and Founder Securities Co fell 4.5 percent to to end at 4.23 yuan.
The Shanghai Composite Index dived 2.14 percent, the most since July 9, to 2,078.5 points.
The Fed's third round of quantitative easing measures, dubbed QE3, may exacerbate imported inflation in China as the move is likely to push up prices for energy and commodities which are essential for its economy, said Zhang Ming, senior researcher at the Institute of World Economics and Politics under the Chinese Academy of Social Sciences. He expects China's inflation to rise as early as the end of this year.
Shenyin and Wanguo Securities Co said in a report that QE3 will complicate China's monetary policy decisions and lower market hopes for imminent easing measures.
China has been delaying monetary easing to avoid a rebound in inflation and home prices even as its economy grew slowly last month.
Property firms fell after Nanjing, capital of Jiangsu Province, reportedly reintroduced curbs on soaring home prices. Poly Real Estate, the nation's second-largest listed developer, lost 6.7 percent to 9.71 yuan(US$1.54), and Gemdale Corp fell 4.1 percent to 4.86 yuan.
CITIC Securities, China's biggest listed brokerage, lost 4 percent to 10.90 yuan, Haitong Securities Co sank 3.9 percent to 8.81 yuan, and Founder Securities Co fell 4.5 percent to to end at 4.23 yuan.
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