Profit-taking and rise in CPI hit shares
Print Edition
CHINA’S shares slipped yesterday after inflation accelerated in March and investors took profit following a four-day rally.
The Shanghai Composite Index shed 0.18 percent, or 3.76 points, to finish at 2,130.5 yesterday.
The index rose 3.5 percent this week, the biggest weekly gain in two months.
“It will hit the pressure line of 2,150 and go upward next week,” said Li Jinfang, analyst at Pacific Securities.
The dismal inflation data revealed yesterday cast a cloud over the market.
The Consumer Price Index, a general gauge of inflation, rose 2.4 percent in March, higher than the 2 percent gain in February, the National Bureau of Statistics said.
Investors worried about an uncertain economic outlook. Conch Cement shed 3.44 percent to 18.44 yuan (US$2.97).
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