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Shanghai index dips as PPI decline fuels worries
By Ye Zhen |
October 15, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks declined in morning trading as investors are concerned about company earnings after China's Producer Price Index fell in September for seven months in a row.
The benchmark Shanghai Composite Index lost 0.5 percent to 2,094.47 points. Turnover stood at 23.5 billion yuan (US$3.7 billion) by midday.
China's Producer Price Index, a major gauge of inflation at the wholesale level, fell 3.6 percent in September from a year earlier, the National Bureau of Statistics said today. The figure dropped for the seventh straight month and fueled anxiety about poor earnings of Chinese companies in the third quarter.
"A falling PPI indicates the Chinese enterprises are under mounting pressure and the decline of their earnings may last a while," said Ba Shusong, deputy director-general at the Development Research Center of the State Council.
China's Consumer Price Index rose 1.9 percent year on year in September, down from an increase of 2 percent a month earlier.
Publishing-related stocks led the market down as investors locked in gains after their share prices surged on Mo Yan's win of the 2012 Nobel Literature Prize. Shanghai Xinhua Media Co dropped 6 percent to 5.86 yuan. Changjiang Publishing & Media Co slumped 6 percent to 7 yuan. Jiangsu Phoenix Publishing & Media Corp lost 3.2 percent to 8.22 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, dropped 2.7 percent to 32.60 yuan. Xiamen Tungsten Co fell 4.3 percent to 37.10 yuan. Rising Nonferrous Metals Share Co slipped 3.2 percent to 43.40 yuan.
The benchmark Shanghai Composite Index lost 0.5 percent to 2,094.47 points. Turnover stood at 23.5 billion yuan (US$3.7 billion) by midday.
China's Producer Price Index, a major gauge of inflation at the wholesale level, fell 3.6 percent in September from a year earlier, the National Bureau of Statistics said today. The figure dropped for the seventh straight month and fueled anxiety about poor earnings of Chinese companies in the third quarter.
"A falling PPI indicates the Chinese enterprises are under mounting pressure and the decline of their earnings may last a while," said Ba Shusong, deputy director-general at the Development Research Center of the State Council.
China's Consumer Price Index rose 1.9 percent year on year in September, down from an increase of 2 percent a month earlier.
Publishing-related stocks led the market down as investors locked in gains after their share prices surged on Mo Yan's win of the 2012 Nobel Literature Prize. Shanghai Xinhua Media Co dropped 6 percent to 5.86 yuan. Changjiang Publishing & Media Co slumped 6 percent to 7 yuan. Jiangsu Phoenix Publishing & Media Corp lost 3.2 percent to 8.22 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, dropped 2.7 percent to 32.60 yuan. Xiamen Tungsten Co fell 4.3 percent to 37.10 yuan. Rising Nonferrous Metals Share Co slipped 3.2 percent to 43.40 yuan.
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