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Market drops on slower GDP, higher inflation
By Feng Jianmin |
October 21, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped in the morning session, after economic data shows that economic development slows while inflation grows in September.
The benchmark Shanghai Composite Index fell 1.3 percent, or 39 points, to close at 2,964.97. Turnover fell to 122 billion yuan (US$18.3 billion) from yesterday morning's 149.2 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, dipped 0.77 percent to 13,028.88.
China's gross domestic product rose 9.6 percent from a year earlier in the third quarter, slowing from 10.3 percent growth in the second quarter, said China's top statistic bureau 10 am today.
China's consumer price index rose 3.6 percent in September, the bureau's data showed, up from August's 3.5 percent. A reading above 3 alarms inflation pressure.
Banks retreated. China Everbright Bank Co dropped 5.7 percent to 4.43 yuan. Bank of China fell 1.7 percent to 3.55 yuan. Industrial and Commercial Bank of China lost 2 percent to 4.50 yuan.
Steelmakers lost. Baoshan Iron & Steel Co went down 2.6 percent to 7.15 yuan. Beijing Shougang Co declined 2 percent to 4.31 yuan. Inner Mongolian Baotou Steel Union dropped 3.1 percent to 3.72 yuan.
Metal producers gained as commodity prices continue to rise. Jiangxi Copper Co, China's largest producer of the metal, rose 1 percent to 44.47 yuan. Yunnan Copper Co rose 1.9 percent to 27.88 yuan. Aluminum Corp of China edged up 0.5 percent to 12.36 yuan.
The benchmark Shanghai Composite Index fell 1.3 percent, or 39 points, to close at 2,964.97. Turnover fell to 122 billion yuan (US$18.3 billion) from yesterday morning's 149.2 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, dipped 0.77 percent to 13,028.88.
China's gross domestic product rose 9.6 percent from a year earlier in the third quarter, slowing from 10.3 percent growth in the second quarter, said China's top statistic bureau 10 am today.
China's consumer price index rose 3.6 percent in September, the bureau's data showed, up from August's 3.5 percent. A reading above 3 alarms inflation pressure.
Banks retreated. China Everbright Bank Co dropped 5.7 percent to 4.43 yuan. Bank of China fell 1.7 percent to 3.55 yuan. Industrial and Commercial Bank of China lost 2 percent to 4.50 yuan.
Steelmakers lost. Baoshan Iron & Steel Co went down 2.6 percent to 7.15 yuan. Beijing Shougang Co declined 2 percent to 4.31 yuan. Inner Mongolian Baotou Steel Union dropped 3.1 percent to 3.72 yuan.
Metal producers gained as commodity prices continue to rise. Jiangxi Copper Co, China's largest producer of the metal, rose 1 percent to 44.47 yuan. Yunnan Copper Co rose 1.9 percent to 27.88 yuan. Aluminum Corp of China edged up 0.5 percent to 12.36 yuan.
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