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Shanghai index dips as rising inflation weighs on investor mood
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Shanghai stocks edged down this morning after data released over the weekend showed China’s consumer price grew at the fastest pace in eight months while producer price deflation deepened.
The benchmark Shanghai Composite Index shed 0.16 percent, or 3.33 points, to 2,102.79 points. Turnover was 31 billion yuan (US$5.1 billion) by the noon break.
China’s Consumer Price Index in October rose 3.2 percent from a year earlier, accelerating from a 3.1 percent growth in September, according to the National Bureau of Statistics. The figure was the highest in eight months due to a rise in food prices.
China’s Producer Price Index, a major gauge of inflation at the wholesale level, however, fell 1.5 percent year on year, widening from a 1.3 percent decrease in September.
Property developers declined following Shanghai’s announcement to raise minimum down-payment for second-home buyers to 70 percent from 60 percent to rein in soaring home prices.
Poly Real Estate, China’s second-largest developer, slumped 2.8 percent to 8.88 yuan. Gemdale Corporation dropped 1.8 percent to 5.87 yuan.
Zhang Donghai, analyst with Tebon Securities Co, said property tightening measures introduced by local governments would put a brake on growth of fixed-asset investment and slow down economic recovery.
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