Index caps five straight weekly losses
By Lu Nengneng |
December 10, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell to its lowest level since March 2009 as the market was clouded by the uncertain European economic outlook despite China's lower-than-expected inflation for November.
The Shanghai Composite Index, shed 0.6 percent to 2,315.27 points, capping the first five straight weekly losses this year.
China's inflation eased to a 14-month low of 4.2 percent in November, the National Bureau of Statistics said yesterday.
"Considering the dropping demands both at home and abroad and the weakened market sentiment, it is reasonable to reckon that China's consumer prices are getting on the downward track," said He Qingming, analyst at Ping An Securities.
But the fact that China's inflation-containment strategy is gradually paying off was overshadowed by the possibility that Europe might skid further toward a debt abyss after the European Central Bank President Mario Draghi dispelled speculation that the bank would expand its bond-purchasing program.
Taking cues from tumbling overseas markets, financial stocks remained weak in Shanghai, especially after the yuan hit the low end of its permitted price range against the US dollar for the eighth day yesterday.
The Industrial Bank sank 1 percent to 12.53 yuan (US$1.97). China CITIC Bank fell 0.7 percent to 4.09 yuan.
The Shanghai Composite Index, shed 0.6 percent to 2,315.27 points, capping the first five straight weekly losses this year.
China's inflation eased to a 14-month low of 4.2 percent in November, the National Bureau of Statistics said yesterday.
"Considering the dropping demands both at home and abroad and the weakened market sentiment, it is reasonable to reckon that China's consumer prices are getting on the downward track," said He Qingming, analyst at Ping An Securities.
But the fact that China's inflation-containment strategy is gradually paying off was overshadowed by the possibility that Europe might skid further toward a debt abyss after the European Central Bank President Mario Draghi dispelled speculation that the bank would expand its bond-purchasing program.
Taking cues from tumbling overseas markets, financial stocks remained weak in Shanghai, especially after the yuan hit the low end of its permitted price range against the US dollar for the eighth day yesterday.
The Industrial Bank sank 1 percent to 12.53 yuan (US$1.97). China CITIC Bank fell 0.7 percent to 4.09 yuan.
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