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October 23, 2009

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Home » Business » Finance

Index falls on inflation worries

DESPITE the bullish economic data released, Shanghai's key stock index closed lower yesterday as investors express concern of possible inflation.

The Shanghai Composite Index edged down 0.62 percent, or 19.18 points, to close at 3,051.41. Turnover shrank to 120 billion yuan (US$17.6 billion) from 155.2 billion yuan on Wednesday.

China's gross domestic product grew 8.9 percent in the third quarter of this year, the National Bureau of Statistics said yesterday. The GDP expanded 6.1 percent in the first quarter and 7.9 percent in the second quarter. This means that for the first three quarters GDP grew 7.7 percent, up from the 7.1 percent rise in the first half of this year.

The central government's pledge to maintain the stimulus measures will probably continue to lift the index, Guoyuan Securities wrote.

China's Cabinet said on late Wednesday that it will keep the measures even after the economy exceeded expectations for the first nine months of the year. The government said it will balance a rapid economic growth, adjust economic structure and control possible inflation.

Jiangxi Copper Co dropped 2.54 percent to 40.36 yuan. It said its third-quarter profit tumbled 46 percent to 561 million yuan from 1.04 billion yuan a year ago as it was hit by falling prices of copper products. Yunnan Copper Co lost 2.16 percent to 31.65 yuan, and Shandong Gold Mining Co shed 1.40 percent to 68.45 yuan.

The Bank of China and Shanghai Pudong Development Bank shed nearly 1 percent each to close at 4.08 yuan and 22.43 yuan respectively.


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