Investors split over economic figures
By Pan Xiaoyi |
April 16, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S stocks closed flat yesterday as investors were divided on the first-quarter economic data released earlier in the day.
China's economy expanded 11.9 percent in the first three months from a year earlier, the fastest pace since 2007, according to the National Bureau of Statistics.
The sizzling pace of growth laid a solid foundation for the country to reach its annual target of 8 percent expansion in gross domestic product. But it also aroused risks of overheating in the economy, analysts said.
China's Consumer Price Index, a major gauge of inflation, rose 2.4 percent in March annually, a slowdown from 2.7 percent rise in February.
"The slower climb in inflation eased some concerns over an imminent interest rate rise. But the market is still cautious about measures to tighten liquidity," said Lu Xiaoping, a Hongyuan Co analyst.
The Shanghai Composite Index dipped 0.04 percent, or 1.22 points, to 3,164.97. Turnover dipped to 136.8 billion yuan (US$20.12 billion) from 137.9 billion yuan.
Property developers extended losses after the government announced mortgage and tax policies for end-users and speculators and that it would continue to increase the supply of ordinary housing to crack down on speculation in the housing market.
Poly Real Estate Group shed 1.3 percent to 18.54 yuan. Gemdale Corp fell 2.1 percent to 12.81 yuan and Shanghai Waigaoqiao Free Trade Zone lost 2 percent to 16.39 yuan.
Brokerages climbed, with Sinolink Securities Co up 2.9 percent at 21.94 yuan and Haitong Securities Co up 0.7 percent at 16.56 yuan.
China's economy expanded 11.9 percent in the first three months from a year earlier, the fastest pace since 2007, according to the National Bureau of Statistics.
The sizzling pace of growth laid a solid foundation for the country to reach its annual target of 8 percent expansion in gross domestic product. But it also aroused risks of overheating in the economy, analysts said.
China's Consumer Price Index, a major gauge of inflation, rose 2.4 percent in March annually, a slowdown from 2.7 percent rise in February.
"The slower climb in inflation eased some concerns over an imminent interest rate rise. But the market is still cautious about measures to tighten liquidity," said Lu Xiaoping, a Hongyuan Co analyst.
The Shanghai Composite Index dipped 0.04 percent, or 1.22 points, to 3,164.97. Turnover dipped to 136.8 billion yuan (US$20.12 billion) from 137.9 billion yuan.
Property developers extended losses after the government announced mortgage and tax policies for end-users and speculators and that it would continue to increase the supply of ordinary housing to crack down on speculation in the housing market.
Poly Real Estate Group shed 1.3 percent to 18.54 yuan. Gemdale Corp fell 2.1 percent to 12.81 yuan and Shanghai Waigaoqiao Free Trade Zone lost 2 percent to 16.39 yuan.
Brokerages climbed, with Sinolink Securities Co up 2.9 percent at 21.94 yuan and Haitong Securities Co up 0.7 percent at 16.56 yuan.
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