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Inflation worry sends market sliding
By Lydia Chen |
April 25, 2011, Monday
|
Online Edition
Online Edition
SHARES in Shanghai plunged in the morning session today, pulling the key stock index below the 3,000 point mark for the first time in two weeks as inflation concerns are building up among investors.
The Shanghai Composite Index lost 0.70 percent to 2,989.55. Turnover remained thin at 81.40 billion yuan (US$12.48 billion).
Blue caps in sectors like cement, iron and steel were the most hit in the morning trading under the gloomy inflation outlook while consumption-related stocks such as wine manufacturing, retail and medical equipment making outperformed the market.
Datong Coal Industry Co shed 3.09 percent to 19.43 yuan. Xinjiang Bayi Iron& Steel Co tumbled 5.56 percent to 14.09 yuan.
China's consumer price index, the main gauge of inflation, will rise between 4.9 and 5.1 percent year on year in the second quarter, an official with the National Development and Reform Commission said yesterday.
The CPI will rise to about 5 percent in the first half of the year and move slightly lower in the second, Xu Lianzhong, director with the NDRC's Analysis and Prediction Office said at the 5th China Derivatives Analyst Forum 2011 in Hangzhou in east China's Zhejiang Province.
Xu said China still faces grave inflationary pressures caused mainly by rising costs of production, which pushed up the price of food, commodities and services.
Crude oil for June delivery rose as much as 41 cents to US$112.70 a barrel on the New York Mercantile Exchange.
The Shanghai Composite Index lost 0.70 percent to 2,989.55. Turnover remained thin at 81.40 billion yuan (US$12.48 billion).
Blue caps in sectors like cement, iron and steel were the most hit in the morning trading under the gloomy inflation outlook while consumption-related stocks such as wine manufacturing, retail and medical equipment making outperformed the market.
Datong Coal Industry Co shed 3.09 percent to 19.43 yuan. Xinjiang Bayi Iron& Steel Co tumbled 5.56 percent to 14.09 yuan.
China's consumer price index, the main gauge of inflation, will rise between 4.9 and 5.1 percent year on year in the second quarter, an official with the National Development and Reform Commission said yesterday.
The CPI will rise to about 5 percent in the first half of the year and move slightly lower in the second, Xu Lianzhong, director with the NDRC's Analysis and Prediction Office said at the 5th China Derivatives Analyst Forum 2011 in Hangzhou in east China's Zhejiang Province.
Xu said China still faces grave inflationary pressures caused mainly by rising costs of production, which pushed up the price of food, commodities and services.
Crude oil for June delivery rose as much as 41 cents to US$112.70 a barrel on the New York Mercantile Exchange.
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