Index ends at 5-month low as data disappoint
Print Edition
Shanghai stocks closed at a more than five-month low yesterday as investor concerns over an economic slowdown aggravated following the release of key economic data.
The Shanghai Composite Index lost 0.82 percent, or 16.72 points, to 2,027.62, the lowest closing since August 1.
China’s Consumer Price Index increased 2.5 percent from a year earlier in December, easing from a growth of 3 percent in November, the National Bureau of Statistics said yesterday. For the whole of 2013, the CPI increased 2.6 percent, well below the official target of 3.5 percent.
Zhang Zhiwei, chief economist for China at Nomura Holdings Inc, said the inflation turned out weaker than expected but monetary policy would still be slightly tightening in the first quarter this year.
“Inflation is not a major concern at this stage, but the crackdown on shadow banking will likely intensify and financial institutions may need to de-leverage further,” Zhang said in a note yesterday.
The Producer Price Index, a gauge of wholesale inflation, fell for the 22nd straight month, declining 1.4 percent annually last month, reflecting still difficult conditions for enterprises.
Investors were also cautious as they wait for the release of China’s trade figures today.
CSSC Jiangnan Heavy Industry Co tumbled 5.2 percent to finish at 10.84 yuan (US$1.79). Jiangxi Hongdu Aviation Industry Co slumped 4.8 percent to close at 17.90 yuan.
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