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Shanghai index drops ahead of economic data release
By Feng Jianmin |
April 14, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell from a five-month-high as investors turned cautious ahead of the release of China's economic data due tomorrow.
The benchmark Shanghai Composite Index dipped 0.25 percent, or 7.76 points, to 3,042.64. Turnover was 150.2 billion yuan (US$12.4 billion), slightly higher than yesterday's 148.9 billion yuan.
China's top statistics bureau will release quarterly data on China's economic growth and inflation. Market expects gross domestic product to rise 9.5 to 9.7 percent from last year, slower than the economic growth of last quarter, according to the Securities Daily.
The inflation in March is likely to hit a 32-month-high of 5.3 to 5.4 percent, Hong Kong-based Phoenix TV reported today, citing unidentified sources.
Agriculture firms led the gainers on speculation that profits will improve on growing demand from Japan after the earthquake. Fujian Sunner Development Co jumped 4.3 percent to 19.15 yuan after reports said that the company is receiving 10 times the orders for chicken from Japan in a month than that in the whole year in 2010. Shandong Orientation Ocean Sci-tech jumped by the daily limit of 10 percent to 16.46 yuan.
The property sector led the decliners. China Merchants Property Development Co dropped 3.5 percent to 18.14 yuan. China Vanke was down 1.5 percent to 8.80 yuan.
The benchmark Shanghai Composite Index dipped 0.25 percent, or 7.76 points, to 3,042.64. Turnover was 150.2 billion yuan (US$12.4 billion), slightly higher than yesterday's 148.9 billion yuan.
China's top statistics bureau will release quarterly data on China's economic growth and inflation. Market expects gross domestic product to rise 9.5 to 9.7 percent from last year, slower than the economic growth of last quarter, according to the Securities Daily.
The inflation in March is likely to hit a 32-month-high of 5.3 to 5.4 percent, Hong Kong-based Phoenix TV reported today, citing unidentified sources.
Agriculture firms led the gainers on speculation that profits will improve on growing demand from Japan after the earthquake. Fujian Sunner Development Co jumped 4.3 percent to 19.15 yuan after reports said that the company is receiving 10 times the orders for chicken from Japan in a month than that in the whole year in 2010. Shandong Orientation Ocean Sci-tech jumped by the daily limit of 10 percent to 16.46 yuan.
The property sector led the decliners. China Merchants Property Development Co dropped 3.5 percent to 18.14 yuan. China Vanke was down 1.5 percent to 8.80 yuan.
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