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Shanghai index at 5-month low as CPI slows
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Shanghai stocks slipped to a five-month low today as weak data for December fueled fears about an economic slowdown. The benchmark Shanghai Composite Index lost 0.82 percent, or 16.72 points, to settle at 2,027.62, the lowest closing since August 1. Daily turnover was 67.6 billion yuan (US$11.1 billion).
China’s Consumer Price Index (CPI) rose 2.5 percent year on year in December, easing from a growth of 3 percent in November, the National Bureau of Statistics said today. The CPI grew only 2.6 percent for the whole of 2013, well below the official target of 3.5 percent.
Zhang Zhiwei, chief economist for China at Nomura Holdings Inc, said the inflation is weaker than expected but China is expected to maintain a slightly tight monetary policy in the first quarter of this year.
“Inflation is not a major concern at this stage, but the crackdown on shadow banking is likely to intensify and financial institutions may need to deleverage further,” Zhang said in a note today.
Data showed the Producer Price Index (PPI), a gauge of inflation at the wholesale level, fell 22 months in a row, declining 1.4 percent year on year last month, indicating difficulties among enterprises.
Investors took a cautious stance before the release of China’s trade data tomorrow.
Heavy industries dragged the market down. CSSC Jiangnan Heavy Industry Co Ltd lost 5.2 percent to 10.84 yuan. Jiangxi Hongdu Aviation Industry Co slumped 4.8 percent to 17.90 yuan.
Offshore Oil Engineering Co Ltd, a unit of offshore oil and gas giant CNOOC, paced the advance of oil companies, surging 9.9 percent to 7.96 yuan, after the company said its earnings may surge 220 percent in 2013.
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