Inflation data spooks key index
By Ye Zhen |
January 12, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks fell the most in more than three months on concerns monetary policy loosening will ease after inflation sped to a seven-month high.
The Shanghai Composite Index fell 1.78 percent, the biggest daily loss since September 20, to 2,243 points yesterday. The index lost 1.49 percent this week, halting a five-week winning streak.
China's Consumer Price Index rose 2.5 percent year on year in December, the fastest pace since June, due to food prices which added 4.2 percent, the National Bureau of Statistics said yesterday.
"Consumer prices are expected to go up further until the third quarter of this year, and the government may shift focus to controlling the CPI," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong.
Besides, Wind Information Co said the gross profit of the 17 listed brokerages may have declined 21 percent from a year earlier to 15.8 billion yuan (US$2.5 billion) last year.
The Shanghai Composite Index fell 1.78 percent, the biggest daily loss since September 20, to 2,243 points yesterday. The index lost 1.49 percent this week, halting a five-week winning streak.
China's Consumer Price Index rose 2.5 percent year on year in December, the fastest pace since June, due to food prices which added 4.2 percent, the National Bureau of Statistics said yesterday.
"Consumer prices are expected to go up further until the third quarter of this year, and the government may shift focus to controlling the CPI," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong.
Besides, Wind Information Co said the gross profit of the 17 listed brokerages may have declined 21 percent from a year earlier to 15.8 billion yuan (US$2.5 billion) last year.
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