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Inflation worry drags market in morning
By Feng Jianmin |
June 22, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped in the morning session after an official of China's top economic planning policy said inflation in the next several months will be faster than May but is still "generally controllable."
The benchmark Shanghai Composite Index lost 0.3 percent to 2,638.77 points. Turnover fell to 36.1 billion yuan (US$5.6 billion) from yesterday's 38 billion yuan in the morning.
An "unidentified leader" of the price department of China's National Development and Reform Commission said that inflation data will peak in June due to the legacy impact of fast inflation in last year, according to a report posted on the commission's website today.
"But the government's measure to control price is taking effect," the official said.
Property developers fell after previous gains against the market. China Vanke fell 1.2 percent to 8.17 yuan. Gemdale Corp shed 2 percent to 6.13 yuan.
Builders of smart electricity grid rallied after Qian Zhimin, a senior official of the energy department of National Development and Reform Commission said that the country will support the development of smart grid during urbanization. NARI Technology Development Co rose 1.2 percent to 34.65 yuan. Dongfang Electronics Co jumped 6.5 percent to 6.23 yuan.
The benchmark Shanghai Composite Index lost 0.3 percent to 2,638.77 points. Turnover fell to 36.1 billion yuan (US$5.6 billion) from yesterday's 38 billion yuan in the morning.
An "unidentified leader" of the price department of China's National Development and Reform Commission said that inflation data will peak in June due to the legacy impact of fast inflation in last year, according to a report posted on the commission's website today.
"But the government's measure to control price is taking effect," the official said.
Property developers fell after previous gains against the market. China Vanke fell 1.2 percent to 8.17 yuan. Gemdale Corp shed 2 percent to 6.13 yuan.
Builders of smart electricity grid rallied after Qian Zhimin, a senior official of the energy department of National Development and Reform Commission said that the country will support the development of smart grid during urbanization. NARI Technology Development Co rose 1.2 percent to 34.65 yuan. Dongfang Electronics Co jumped 6.5 percent to 6.23 yuan.
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