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Shanghai index falls on fear of weak demand
By Ye Zhen |
November 9, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell for the fifth straight day today as a lower-than-expected Consumer Price Index in October fueled concern about weak demand.
The benchmark Shanghai Composite Index edged down 0.12 percent to 2,069.07 points. Turnover was 39.1 billion yuan (US$6.2 billion) at the trading close.
China's Consumer Price Index rose 1.7 percent year on year in October, down from a 1.9 percent increase in September and reaching the lowest level since January 2010, the National Bureau of Statistics said today.
"The figure is lower than our forecast of 1.8 percent, indicating that the economy still lacks demand," said Teng Tai, economist with West Brothers Economic Research Institute.
China's Producer Price Index, a major gauge of inflation at the wholesale level, fell 2.8 percent year on year in October, down from September's decrease of 3.6 percent, the bureau said.
"The slower decline of PPI indicates the real economy has reached the bottom and is yet to rebound," said Wang Ren, analyst at Pingan Securities. "It will take longer to see a recovery as the country is in the phase of reducing production capacity."
Most property developers gained after the Ministry of Housing said 5.05 million affordable housing units were built in China during the January-October period, surpassing this year's target of 5 million units.
Poly Real Estate, China's second largest developer, advanced 0.5 percent to 11.26 yuan. Gemdale Corporation rose 0.9 percent to 5.33 yuan.
Brokerages declined on weak earnings. Data from Wind Information Co showed the gross net profit of 19 brokerages listed in Shanghai and Shenzhen bourses dived 41.54 percent in October from a month earlier to 687 million yuan.
CITIC Securities, China's biggest listed brokerage, lost 1.1 percent to 10.78 yuan. Haitong Securities shed 0.8 percent to 8.69 yuan.
The benchmark Shanghai Composite Index edged down 0.12 percent to 2,069.07 points. Turnover was 39.1 billion yuan (US$6.2 billion) at the trading close.
China's Consumer Price Index rose 1.7 percent year on year in October, down from a 1.9 percent increase in September and reaching the lowest level since January 2010, the National Bureau of Statistics said today.
"The figure is lower than our forecast of 1.8 percent, indicating that the economy still lacks demand," said Teng Tai, economist with West Brothers Economic Research Institute.
China's Producer Price Index, a major gauge of inflation at the wholesale level, fell 2.8 percent year on year in October, down from September's decrease of 3.6 percent, the bureau said.
"The slower decline of PPI indicates the real economy has reached the bottom and is yet to rebound," said Wang Ren, analyst at Pingan Securities. "It will take longer to see a recovery as the country is in the phase of reducing production capacity."
Most property developers gained after the Ministry of Housing said 5.05 million affordable housing units were built in China during the January-October period, surpassing this year's target of 5 million units.
Poly Real Estate, China's second largest developer, advanced 0.5 percent to 11.26 yuan. Gemdale Corporation rose 0.9 percent to 5.33 yuan.
Brokerages declined on weak earnings. Data from Wind Information Co showed the gross net profit of 19 brokerages listed in Shanghai and Shenzhen bourses dived 41.54 percent in October from a month earlier to 687 million yuan.
CITIC Securities, China's biggest listed brokerage, lost 1.1 percent to 10.78 yuan. Haitong Securities shed 0.8 percent to 8.69 yuan.
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