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Shanghai index falls on domestic economy concerns
By Ye Zhen |
June 7, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks fell despite a worldwide rally today as concern over the domestic economy intensified ahead of economic data due to be released this weekend.
The benchmark Shanghai Composite Index lost 0.71 percent, or 16.42 points to close at 2,293.13 points. Turnover was 59.6 billion yuan (US$9.5 billion) at the trading close.
The consumer price index, a main gauge of inflation, is expected to ease to 3.1 percent in May from 3.4 percent in April, according to Lian Ping, chief economist at the Bank of Communications.
"The CPI has entered a downward path because food prices continue to fall," Lian said. He estimated that food prices fell 1 to 1.4 percent last month from April.
The National Bureau of Statistics is scheduled to release May CPI figures this weekend.
Oil refiners lost on speculation the government may cut oil prices tomorrow by as much as 8 percent, the biggest drop since 2009. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, shed 0.3 percent to 6.48 yuan. PetroChina Co, the country's second biggest refiner, fell 0.4 percent to 9.13 yuan.
Most brokerages rose as the sector posted a better business performance last month. Citic Securities, the biggest listed brokerage, added 0.4 percent to 13.15 yuan. Haitong Securities Co gained 0.4 percent to 10.14 yuan.
The combined net profit of 16 listed brokerages in May rose 21 percent from a month earlier to 1.98 billion yuan, Shanghai Securities News reported today.
Property developers were mixed. China Vanke, the nation's biggest developer, lost 0.2 percent to 8.96 yuan. Poly Real Estate, the second largest developer, gained 0.9 percent to 13.64 yuan.
The benchmark Shanghai Composite Index lost 0.71 percent, or 16.42 points to close at 2,293.13 points. Turnover was 59.6 billion yuan (US$9.5 billion) at the trading close.
The consumer price index, a main gauge of inflation, is expected to ease to 3.1 percent in May from 3.4 percent in April, according to Lian Ping, chief economist at the Bank of Communications.
"The CPI has entered a downward path because food prices continue to fall," Lian said. He estimated that food prices fell 1 to 1.4 percent last month from April.
The National Bureau of Statistics is scheduled to release May CPI figures this weekend.
Oil refiners lost on speculation the government may cut oil prices tomorrow by as much as 8 percent, the biggest drop since 2009. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, shed 0.3 percent to 6.48 yuan. PetroChina Co, the country's second biggest refiner, fell 0.4 percent to 9.13 yuan.
Most brokerages rose as the sector posted a better business performance last month. Citic Securities, the biggest listed brokerage, added 0.4 percent to 13.15 yuan. Haitong Securities Co gained 0.4 percent to 10.14 yuan.
The combined net profit of 16 listed brokerages in May rose 21 percent from a month earlier to 1.98 billion yuan, Shanghai Securities News reported today.
Property developers were mixed. China Vanke, the nation's biggest developer, lost 0.2 percent to 8.96 yuan. Poly Real Estate, the second largest developer, gained 0.9 percent to 13.64 yuan.
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