Higher CPI, weak home sales hit index
By Lu Nengneng |
May 12, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock index yesterday fell to a two-week low on higher-than-expected inflation in April and sluggish new home sales.
The Shanghai Composite Index shed 0.63 percent to 2,394.98 points, bringing the weekly loss to 2.33 percent, the biggest in one and a half months.
China's Consumer Price Index for April grew 3.4 percent from a year earlier, the National Bureau of Statistics said yesterday. Although the rise was below March's 3.6 percent, it was still higher than the expected 3.3 percent increase.
Property shares fell after the bureau said sales of new homes, excluding government-funded affordable housing, shed 14.9 percent year on year to 190.12 million square meters nationwide between January and April. By value, they fell 13.5 percent to 1.03 trillion yuan (US$162 billion).
Poly Real Estate sank 1.25 percent to 12.63 yuan, and Gemdale Corp fell 1.08 percent to 6.42 yuan.
Banks also fell after lending dropped last month. Banks lent 681.8 billion yuan in new loans in April, 61.2 billion yuan less from a year earlier, the People's Bank of China said yesterday.
The Industrial and Commercial Bank of China, the nation's largest lender, lost 0.91 percent to 4.36 yuan. China Construction Bank dipped 0.21 percent to 4.68 yuan.
The Shanghai Composite Index shed 0.63 percent to 2,394.98 points, bringing the weekly loss to 2.33 percent, the biggest in one and a half months.
China's Consumer Price Index for April grew 3.4 percent from a year earlier, the National Bureau of Statistics said yesterday. Although the rise was below March's 3.6 percent, it was still higher than the expected 3.3 percent increase.
Property shares fell after the bureau said sales of new homes, excluding government-funded affordable housing, shed 14.9 percent year on year to 190.12 million square meters nationwide between January and April. By value, they fell 13.5 percent to 1.03 trillion yuan (US$162 billion).
Poly Real Estate sank 1.25 percent to 12.63 yuan, and Gemdale Corp fell 1.08 percent to 6.42 yuan.
Banks also fell after lending dropped last month. Banks lent 681.8 billion yuan in new loans in April, 61.2 billion yuan less from a year earlier, the People's Bank of China said yesterday.
The Industrial and Commercial Bank of China, the nation's largest lender, lost 0.91 percent to 4.36 yuan. China Construction Bank dipped 0.21 percent to 4.68 yuan.
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