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Inflation concerns weigh on Shanghai index
By Lydia Chen |
May 19, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock index fell for the first time in three days as shares of construction material, power producing and real estate firms plunged over inflation concerns.
The Shanghai Composite Index lost 0.46 percent to 2,859.57 yuan.
Cement makers and developers were the biggest draggers today after China yesterday reported that home prices in most cities were still rising in April, raising expectations that the defiance over previous tightening may invite more curbing measures.
Xinjiang Qingsong Building Materials and Chemicals Group was down 3.7 percent to 23.40 yuan. Shanghai Shimao Co shed 2.66 percent to 14.63 yuan.
Han Qicheng, an analyst with Guotai Junan Securities Co, said prices of cement makers may fall to the lowest in July under a combined influence of inflation concerns and China's power shortage.
However, a rebound can be expected after July when inflation falls from the yearly peak while demands for the construction material start to rise thanks to a massive construction of affordable houses and irrigation projects.
The Shanghai Composite Index lost 0.46 percent to 2,859.57 yuan.
Cement makers and developers were the biggest draggers today after China yesterday reported that home prices in most cities were still rising in April, raising expectations that the defiance over previous tightening may invite more curbing measures.
Xinjiang Qingsong Building Materials and Chemicals Group was down 3.7 percent to 23.40 yuan. Shanghai Shimao Co shed 2.66 percent to 14.63 yuan.
Han Qicheng, an analyst with Guotai Junan Securities Co, said prices of cement makers may fall to the lowest in July under a combined influence of inflation concerns and China's power shortage.
However, a rebound can be expected after July when inflation falls from the yearly peak while demands for the construction material start to rise thanks to a massive construction of affordable houses and irrigation projects.
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