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Inflation fear drags down Shanghai stocks
By Ye Zhen |
January 11, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning after data showed China's inflation rate accelerated to a 7-month high.
The benchmark Shanghai Composite Index shed 0.48 percent to 2,272.78 points. Turnover stood at 45.6 billion yuan (US$7.4 billion) by midday.
China's Consumer Price Index, the main gauge of inflation, rose 2.5 percent year on year in December, up from November's 2 percent, the National Bureau of Statistics said today.
Consumer prices climbed at the fastest pace since June 2012, above the estimated rate of 2.3 percent, due to surging food prices which were 4.2 percent more than a year earlier, data showed.
For the whole year of 2012 China's CPI rose 2.6 percent from the previous year, well below the government target of 4 percent.
"The CPI figure indicates that inflation pressure is increasing as economic growth has stabilized," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong. "Consumer prices are expected to go up further until the third quarter this year, and the government may shift focus from spurring economy to controlling the CPI."
Brokerages lost after data from Wind Information Co showed the gross profit of 17 listed brokerages dropped 21 percent from a year earlier to 15.8 billion yuan in 2012.
CITIC Securities, China's biggest listed brokerage, lost 1.8 percent to 12.98 yuan. Soochow Securities Co declined 3 percent to 7.67 yuan. Sinolink Securities Co slipped 2 percent to 17.12 yuan.
The benchmark Shanghai Composite Index shed 0.48 percent to 2,272.78 points. Turnover stood at 45.6 billion yuan (US$7.4 billion) by midday.
China's Consumer Price Index, the main gauge of inflation, rose 2.5 percent year on year in December, up from November's 2 percent, the National Bureau of Statistics said today.
Consumer prices climbed at the fastest pace since June 2012, above the estimated rate of 2.3 percent, due to surging food prices which were 4.2 percent more than a year earlier, data showed.
For the whole year of 2012 China's CPI rose 2.6 percent from the previous year, well below the government target of 4 percent.
"The CPI figure indicates that inflation pressure is increasing as economic growth has stabilized," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong. "Consumer prices are expected to go up further until the third quarter this year, and the government may shift focus from spurring economy to controlling the CPI."
Brokerages lost after data from Wind Information Co showed the gross profit of 17 listed brokerages dropped 21 percent from a year earlier to 15.8 billion yuan in 2012.
CITIC Securities, China's biggest listed brokerage, lost 1.8 percent to 12.98 yuan. Soochow Securities Co declined 3 percent to 7.67 yuan. Sinolink Securities Co slipped 2 percent to 17.12 yuan.
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