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Higher CPI dents Shanghai stocks
By Ye Zhen |
May 9, 2013, Thursday
|
Online Edition
Online Edition
Shanghai stocks declined this morning amid concerns that rising inflation may erode easing policies while weaker producer prices signal the fragility of the country's economic recovery.
The key Shanghai Composite Index lost 0.65 percent, or 14.66 points, to 2,231.65 points. Turnover was 49.3 billion yuan (US$8 billion) by midday.
China's Consumer Price Index (CPI), a main gauge of inflation, rose 2.4 percent from a year earlier in April, up from 2.1 percent in March, the National Bureau of Statistics said this morning.
Yu Qiumei, a senior statistician at the bureau, said the growing inflation was largely due to an 11.2 percent rise in vegetable prices from a year ago.
China's Producer Price Index (PPI), a major gauge of inflation at the wholesale level, fell 2.6 percent year-on-year to a six-month low last month, according to the bureau.
Analysts said the faster-than-expected inflation may reduce the possibility of another interest rate cut although a lower PPI suggests domestic demand is weakening amid a slowing economy.
Cement producers retreated the most. Anhui Conch Cement Co, China's biggest cement producer, slumped 3.1 percent to 17.70 yuan. Gansu Qilianshan Cement Group Co fell 3.8 percent to 10.60 yuan. Huaxin Cement Co tumbled 4.8 percent to 13.60 yuan.
Coal stocks also fell. Shanxi Lu'an Environmental Energy Development Co lost 4.3 percent to 15.73 yuan. Wintime Energy Co decreased 4.7 percent to 8.17 yuan.
The key Shanghai Composite Index lost 0.65 percent, or 14.66 points, to 2,231.65 points. Turnover was 49.3 billion yuan (US$8 billion) by midday.
China's Consumer Price Index (CPI), a main gauge of inflation, rose 2.4 percent from a year earlier in April, up from 2.1 percent in March, the National Bureau of Statistics said this morning.
Yu Qiumei, a senior statistician at the bureau, said the growing inflation was largely due to an 11.2 percent rise in vegetable prices from a year ago.
China's Producer Price Index (PPI), a major gauge of inflation at the wholesale level, fell 2.6 percent year-on-year to a six-month low last month, according to the bureau.
Analysts said the faster-than-expected inflation may reduce the possibility of another interest rate cut although a lower PPI suggests domestic demand is weakening amid a slowing economy.
Cement producers retreated the most. Anhui Conch Cement Co, China's biggest cement producer, slumped 3.1 percent to 17.70 yuan. Gansu Qilianshan Cement Group Co fell 3.8 percent to 10.60 yuan. Huaxin Cement Co tumbled 4.8 percent to 13.60 yuan.
Coal stocks also fell. Shanxi Lu'an Environmental Energy Development Co lost 4.3 percent to 15.73 yuan. Wintime Energy Co decreased 4.7 percent to 8.17 yuan.
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