Index slips as data show CPI still high
By Feng Jianmin |
May 12, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for the first time in three days after economic data showed that inflation in China was still higher than expected.
The benchmark Shanghai Composite Index dipped 0.3 percent, or 7.21 points, to close at 2,883.42.
April's Consumer Price Index, a major measure of inflation, rose 5.3 percent on an annual basis, 0.1 percentage point lower than the level in March, which hit a 32-month high, the National Bureau of Statistics said yesterday.
Meanwhile, industrial output grew at a slower-than-expected 13.4 percent year on year in April.
Market watchers warned that inflation has not yet peaked and the central government would continue with its tightening policies.
"The policy makers may need to watch the effect of tightening measures," said Lu Zhengwei, a senior economist at the Industrial Bank. "The central bank may raise reserve requirements instead of interest rates in May."
Huaxia Bank fell 1.1 percent to 12.18 yuan. China Merchants Bank Co, the nation's sixth-largest lender, lost 0.9 percent to 14.03 yuan.
Car makers fell after auto sales posted its first annual decline in 27 months in April amid rising fuel prices. SAIC Motor Corp lost 2.6 percent to 16.61 yuan.
Paper makers led gainers on speculation that a continued appreciation of the yuan will help companies which import raw materials. Fujian Qingshan Paper Industry Co jumped by the daily limit of 10 percent to 5.50 yuan. Minfeng Special Paper Co climbed 2.9 percent to 9.24 yuan.
The benchmark Shanghai Composite Index dipped 0.3 percent, or 7.21 points, to close at 2,883.42.
April's Consumer Price Index, a major measure of inflation, rose 5.3 percent on an annual basis, 0.1 percentage point lower than the level in March, which hit a 32-month high, the National Bureau of Statistics said yesterday.
Meanwhile, industrial output grew at a slower-than-expected 13.4 percent year on year in April.
Market watchers warned that inflation has not yet peaked and the central government would continue with its tightening policies.
"The policy makers may need to watch the effect of tightening measures," said Lu Zhengwei, a senior economist at the Industrial Bank. "The central bank may raise reserve requirements instead of interest rates in May."
Huaxia Bank fell 1.1 percent to 12.18 yuan. China Merchants Bank Co, the nation's sixth-largest lender, lost 0.9 percent to 14.03 yuan.
Car makers fell after auto sales posted its first annual decline in 27 months in April amid rising fuel prices. SAIC Motor Corp lost 2.6 percent to 16.61 yuan.
Paper makers led gainers on speculation that a continued appreciation of the yuan will help companies which import raw materials. Fujian Qingshan Paper Industry Co jumped by the daily limit of 10 percent to 5.50 yuan. Minfeng Special Paper Co climbed 2.9 percent to 9.24 yuan.
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