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Index remains flat as CPI hits 3.1%
By Feng Jianmin |
June 11, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks closed flat today on growing inflation pressures. The benchmark Shanghai Composite Index edged up 0.29 percent, or 7.36 points, to close at 2,569.94. Turnover shrank to 73.9 billion yuan (US$5.9 billion) from yesterday's 80.6 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, dipped 0.29 percent, or 3.1 points, to 1,066.1 points.
The Consumer Price Index, the main gauge of inflation, rose 3.1 percent in May, the country's top statistics bureau said today. It exceeded a government-set target of 3 percent for the whole year.
The Producer Price Index, the factory-gate gauge of inflation and a harbinger of future consumer prices, rose 7.1 percent in May from a year earlier, nearly 3 percentage points higher than the yearly growth in April.
New loans in May shrank to 630 billion yuan from April's 774 billion yuan, the central bank said today.
Banks remained flat. Industrial and Commercial Bank of China added 0.72 percent to 4.17 yuan. Bank of China and China Construction Bank remained unchanged at 3.55 and 6.22 yuan.
Commodity producers were among the winners on higher product prices indicated by PPI.
Coal miners led the gainers. Zhengzhou Coal Industry & Electric Power Co advanced 3.43 percent to 9.34 yuan. Datong Coal Industry Co rose 1.07 percent to 33.12 yuan.
The metal sector picked up after copper and aluminum futures rose in the London market. Jiangxi Copper Company was 2.07 percent higher to 28.57 yuan. Aluminum Corp of China went up 1.38 percent to 10.32 yuan.
A drop in pharmaceutical and high-tech companies limited market performance. Harbin Pharmaceutical Group Co led declines for health-care stocks, dropping 4.43 percent to 22.20 yuan. Guilin Layn Natural Ingedients Corp retreated 2.44 percent to 24.75 yuan. China National and Service Company slid 4.12 percent to 23.74 yuan.
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