Index dips as inflation hits hopes of easing
By Hu Xiaocen |
April 10, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday as higher-than-expected inflation figure cut hopes of further monetary easing.
The Shanghai Composite Index lost 0.9 percent to 2,285.78 points, the lowest close since March 30.
"Accelerating CPI growth kept rational investors at bay," said Hou Yingmin, a commentator with the widely watched First Financial TV program. "The higher-than-expected figure damped hopes for monetary easing."
China's inflation rebounded to 3.6 percent in March from February's 3.2 percent, the National Bureau of Statistics said yesterday. Analysts had predicted inflation of 3.5 percent.
Hou said the rising inflation rate due to a jump in food price is only temporary. "It will fall in April as the rains end and vegetable prices fall," he said. "And then the government will tend to ease monetary policy."
Banks, which are sensitive to money supply, fell. China Citic Bank shed 2.3 percent to 4.19 yuan (66 US cents).
The net profits at nine listed cargo shippers plunged 188 percent from a year earlier according to their 2011 earnings reports as shippers have been hard hit by the deteriorating European economy and the outlook remains clouded.
China COSCO Holdings Co, Asia's biggest shipper, lost 10.4 billion yuan in profit last year. Its shares fell 2.2 percent to 5 yuan. China Shipping Container Lines Co, which posted a 2.7 billion yuan loss, shed 0.7 percent to close at 3.06 yuan.
The Shanghai Composite Index lost 0.9 percent to 2,285.78 points, the lowest close since March 30.
"Accelerating CPI growth kept rational investors at bay," said Hou Yingmin, a commentator with the widely watched First Financial TV program. "The higher-than-expected figure damped hopes for monetary easing."
China's inflation rebounded to 3.6 percent in March from February's 3.2 percent, the National Bureau of Statistics said yesterday. Analysts had predicted inflation of 3.5 percent.
Hou said the rising inflation rate due to a jump in food price is only temporary. "It will fall in April as the rains end and vegetable prices fall," he said. "And then the government will tend to ease monetary policy."
Banks, which are sensitive to money supply, fell. China Citic Bank shed 2.3 percent to 4.19 yuan (66 US cents).
The net profits at nine listed cargo shippers plunged 188 percent from a year earlier according to their 2011 earnings reports as shippers have been hard hit by the deteriorating European economy and the outlook remains clouded.
China COSCO Holdings Co, Asia's biggest shipper, lost 10.4 billion yuan in profit last year. Its shares fell 2.2 percent to 5 yuan. China Shipping Container Lines Co, which posted a 2.7 billion yuan loss, shed 0.7 percent to close at 3.06 yuan.
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