Inflation fears keep index down
By Pan Xiaoyi |
March 11, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended lower yesterday on fears February consumer prices to be released today will show escalating inflationary pressure.
The Shanghai Composite Index lost 0.66 percent, or 20.21 points, to close at 3,048.93.
Turnover shrank to 98.7 billion yuan (US$14.5 billion) from 107.6 billion yuan.
February's Consumer Price Index, together with Producer Price Index, fixed-asset investment and other macroeconomic data, will be disclosed today.
According to a Bloomberg News survey, consumer prices will rise 2.5 percent in February from a year before, outpacing January's 1.5 percent growth.
"The market seems more sensitive to the inflation than the stable economic recovery. And the expectations on an accelerated inflation has strengthened the concerns that an interest rate rise may occur in the second quarter," Bandung Securities Co said.
Auto makers led the decliners after vehicle sales growth lost steam in February. China's vehicle sales were 27 percent lower than January. SAIC Motor Corp was down 3.7 percent to 21.13 yuan.
The Shanghai Composite Index lost 0.66 percent, or 20.21 points, to close at 3,048.93.
Turnover shrank to 98.7 billion yuan (US$14.5 billion) from 107.6 billion yuan.
February's Consumer Price Index, together with Producer Price Index, fixed-asset investment and other macroeconomic data, will be disclosed today.
According to a Bloomberg News survey, consumer prices will rise 2.5 percent in February from a year before, outpacing January's 1.5 percent growth.
"The market seems more sensitive to the inflation than the stable economic recovery. And the expectations on an accelerated inflation has strengthened the concerns that an interest rate rise may occur in the second quarter," Bandung Securities Co said.
Auto makers led the decliners after vehicle sales growth lost steam in February. China's vehicle sales were 27 percent lower than January. SAIC Motor Corp was down 3.7 percent to 21.13 yuan.
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