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Shanghai index down as price growth remains fast
By Feng Jianmin |
May 11, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock gauge dipped first in three days after data showed higher-than-expected inflation figure.
The benchmark Shanghai Composite Index edged down 0.25 percent, or 7.21 points, to close at 2883.42. Turnover rose to 107.8 billion yuan (US$16.6 billion) from yesterday's 96 billion yuan.
China's top statistics bureau said this morning that April's Consumer Price Index, a major measure for inflation, was up 5.3 percent from last year. Industrial output grew at a slower-than-expected 13.4 percent from last year.
"The policy makers may need to watch the effect of tightening measures," said Lu Zhengwei, a senior economist with Industrial Bank. "The central bank may raise reserve requirements instead of interest rates in May. The figures will have a negative but temporary effect on the market."
Paper makers led the gainers on speculation that continuous appreciation of yuan will reduce companies' expenses to import raw materials. Fujian Qingshan Paper Industry Co jumped by the daily limit of 10 percent to 5.50 yuan. Minfeng Special Paper Co climbed 2.9 percent to 9.24 yuan.
Car makers dropped after auto sales posted its first annual decline in 27 months in April amid rising fuel prices. SAIC lost 2.6 percent to 16.61 yuan.
Property developers rose. Gemdale Corp rose 0.64 percent to 6.37 yuan. Poly Real Estate Development Co added 0.9 percent to 13.29 yuan.
The benchmark Shanghai Composite Index edged down 0.25 percent, or 7.21 points, to close at 2883.42. Turnover rose to 107.8 billion yuan (US$16.6 billion) from yesterday's 96 billion yuan.
China's top statistics bureau said this morning that April's Consumer Price Index, a major measure for inflation, was up 5.3 percent from last year. Industrial output grew at a slower-than-expected 13.4 percent from last year.
"The policy makers may need to watch the effect of tightening measures," said Lu Zhengwei, a senior economist with Industrial Bank. "The central bank may raise reserve requirements instead of interest rates in May. The figures will have a negative but temporary effect on the market."
Paper makers led the gainers on speculation that continuous appreciation of yuan will reduce companies' expenses to import raw materials. Fujian Qingshan Paper Industry Co jumped by the daily limit of 10 percent to 5.50 yuan. Minfeng Special Paper Co climbed 2.9 percent to 9.24 yuan.
Car makers dropped after auto sales posted its first annual decline in 27 months in April amid rising fuel prices. SAIC lost 2.6 percent to 16.61 yuan.
Property developers rose. Gemdale Corp rose 0.64 percent to 6.37 yuan. Poly Real Estate Development Co added 0.9 percent to 13.29 yuan.
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