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High inflation ends stock market winning streak
By Lydia Chen |
October 14, 2011, Friday
|
Online Edition
Online Edition
SHARES in Shanghai fell from a three-day winning streak in the morning session today after the country announced its inflation still hovered high last month, making the government less likely to change its tightening policies.
The Shanghai Composite Index shed 1.1 percent to 2,412.03. Turnover fell to 33.6 billion yuan (US$5.29 billion) in the early trading.
Steel and cement makers led the across-the-board fall after China said the consumer product index, a main gauge of inflation, eased slightly to 6.1 percent year-on-year in September from 6.2 percent in August, the National Bureau of Statistics said today.
On a monthly basis, consumer prices rose 0.5 percent in September, said the NBS in a statement on its website.
Xinjiang Bayi Iron & Steel Co lost 2.76 percent to 9.88 yuan. Anhui Conch Cement declined 1.87 percent to 18.92 yuan.
Bank of China shed 1.34 percent to 2.95 yuan. Gemdale Group lost 2.43 percent to 4.81 yuan.
The Shanghai Composite Index shed 1.1 percent to 2,412.03. Turnover fell to 33.6 billion yuan (US$5.29 billion) in the early trading.
Steel and cement makers led the across-the-board fall after China said the consumer product index, a main gauge of inflation, eased slightly to 6.1 percent year-on-year in September from 6.2 percent in August, the National Bureau of Statistics said today.
On a monthly basis, consumer prices rose 0.5 percent in September, said the NBS in a statement on its website.
Xinjiang Bayi Iron & Steel Co lost 2.76 percent to 9.88 yuan. Anhui Conch Cement declined 1.87 percent to 18.92 yuan.
Bank of China shed 1.34 percent to 2.95 yuan. Gemdale Group lost 2.43 percent to 4.81 yuan.
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