Index falls over rate hike fears
By Staff Reporter |
December 9, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index fell the most in a week after the government said it will release November's economic data earlier than scheduled, sparking worries that the upcoming data could trigger another interest-rate increase.
The Shanghai Composite Index lost 1 percent, the most since November 30, to settle at 2,848.55.
Turnover was 111.8 billion yuan (US$16.8 billion), almost the same as Tuesday's 111.2 billion yuan.
The National Statistics Bureau said it would release last month's Consumer Price Index, retail sales, fixed-asset investment and industrial output on Saturday, two days earlier than originally planned.
"The market is worried that the upcoming data will be worse than expected," said Sinolink Securities in a note. "The A-share market is not tracking recent gains in metal prices because of the low sentiment."
The central bank may raise rates around the time set for the release of November's inflation data, the China Securities Journal reported yesterday, citing Li Huiyong, an analyst at Shenyin and Wanguo Securities Co.
Analysts said that the market will remain in a state of flux due to uncertainty over economic policies.
The Industrial and Commercial Bank of China, the nation's biggest lender, slid 1.4 percent to 4.25 yuan. China Construction Bank, the second largest, dropped 1.2 percent to 4.77 yuan.
Gold miners dropped as bullion prices dropped to around US$1,390 an ounce from a record US$1,426. Shandong Gold Mining Co dropped 3.7 percent to 55.81 yuan. Zhongjin Gold Corp fell 3.5 percent to 41.07 yuan.
Railway firms led the gainers after Vice Premier Zhang Dejiang on Tuesday said the government would lend more support in terms of funds, land, technology innovation and policies to develop high-speed railways. China Railway Erju Co climbed 3 percent to 9.31 yuan. CSR Corp, a leading train car maker in south China, jumped 7 percent to 7.69 yuan.
The Shanghai Composite Index lost 1 percent, the most since November 30, to settle at 2,848.55.
Turnover was 111.8 billion yuan (US$16.8 billion), almost the same as Tuesday's 111.2 billion yuan.
The National Statistics Bureau said it would release last month's Consumer Price Index, retail sales, fixed-asset investment and industrial output on Saturday, two days earlier than originally planned.
"The market is worried that the upcoming data will be worse than expected," said Sinolink Securities in a note. "The A-share market is not tracking recent gains in metal prices because of the low sentiment."
The central bank may raise rates around the time set for the release of November's inflation data, the China Securities Journal reported yesterday, citing Li Huiyong, an analyst at Shenyin and Wanguo Securities Co.
Analysts said that the market will remain in a state of flux due to uncertainty over economic policies.
The Industrial and Commercial Bank of China, the nation's biggest lender, slid 1.4 percent to 4.25 yuan. China Construction Bank, the second largest, dropped 1.2 percent to 4.77 yuan.
Gold miners dropped as bullion prices dropped to around US$1,390 an ounce from a record US$1,426. Shandong Gold Mining Co dropped 3.7 percent to 55.81 yuan. Zhongjin Gold Corp fell 3.5 percent to 41.07 yuan.
Railway firms led the gainers after Vice Premier Zhang Dejiang on Tuesday said the government would lend more support in terms of funds, land, technology innovation and policies to develop high-speed railways. China Railway Erju Co climbed 3 percent to 9.31 yuan. CSR Corp, a leading train car maker in south China, jumped 7 percent to 7.69 yuan.
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