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Shanghai market slips on economic data
By Feng Jianmin |
October 21, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell after economic data shows that economic development slows while inflation grows in September.
The benchmark Shanghai Composite Index fell 0.7 percent, or 20.42 points, to close at 2,983.53. Turnover fell to 205 billion yuan (US$18.3 billion) from yesterday's 262 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, dipped 0.14 percent to 13,111.52.
China's gross domestic product rose 9.6 percent from a year earlier in the third quarter, slowing from 10.3 percent growth in the second quarter, said China's top statistic bureau at 10 am today.
China's consumer price index rose 3.6 percent in September, the bureau's data showed, up from August's 3.5 percent. A reading above 3 alarms inflation pressure.
"The government has stepped up power-cutting measures to save energy this year, which pared production of some high-consumption industries. This caused a slowdown in industrial expansion," said Sheng Laiyun, spokesman of the statistics bureau. "Growing food prices and home prices drove up CPI in September."
"The economic statistics match with the market expectation," said an analyst surnamed Chen with Changjiang Securities. "The stocks market has already absorbed the negative impact of a slowdown economic growth. Further tightening measures are unlikely in the short-term and we expect that inflation pressure will ease after October."
Banks retreated on concerns that previous gains may be excessive, and on worries that the raise in interest rates may further damp the property market. China Everbright Bank Co dropped 4.9 percent to 4.47 yuan. Bank of China fell 1.7 percent to 3.55 yuan. Industrial and Commercial Bank of China lost 1.7 percent to 4.51 yuan.
Metal producers gained as commodity prices rose in Shanghai. Jiangxi Copper Co, China's largest producer of the metal, rose 2.6 percent to 45.23 yuan. Yunnan Copper Co rose 3.9 percent to 28.44 yuan. Aluminum Corp of China grew 1 percent to 12.43 yuan.
Steelmakers were mixed. Baoshan Iron & Steel Co went down 0.54 percent to 7.30 yuan. Beijing Shougang Co added 0.7 percent to 3.85 yuan. Inner Mongolian Baotou Steel Union was up 0.26 percent to 3.85 yuan.
Neighboring markets were mixed as of 3pm. Japan Nikkei Index dipped 0.05 percent and Singapore Straits Times lost 0.24 percent, while Hong Kong Hang Seng edged up 0.15 percent.
The benchmark Shanghai Composite Index fell 0.7 percent, or 20.42 points, to close at 2,983.53. Turnover fell to 205 billion yuan (US$18.3 billion) from yesterday's 262 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, dipped 0.14 percent to 13,111.52.
China's gross domestic product rose 9.6 percent from a year earlier in the third quarter, slowing from 10.3 percent growth in the second quarter, said China's top statistic bureau at 10 am today.
China's consumer price index rose 3.6 percent in September, the bureau's data showed, up from August's 3.5 percent. A reading above 3 alarms inflation pressure.
"The government has stepped up power-cutting measures to save energy this year, which pared production of some high-consumption industries. This caused a slowdown in industrial expansion," said Sheng Laiyun, spokesman of the statistics bureau. "Growing food prices and home prices drove up CPI in September."
"The economic statistics match with the market expectation," said an analyst surnamed Chen with Changjiang Securities. "The stocks market has already absorbed the negative impact of a slowdown economic growth. Further tightening measures are unlikely in the short-term and we expect that inflation pressure will ease after October."
Banks retreated on concerns that previous gains may be excessive, and on worries that the raise in interest rates may further damp the property market. China Everbright Bank Co dropped 4.9 percent to 4.47 yuan. Bank of China fell 1.7 percent to 3.55 yuan. Industrial and Commercial Bank of China lost 1.7 percent to 4.51 yuan.
Metal producers gained as commodity prices rose in Shanghai. Jiangxi Copper Co, China's largest producer of the metal, rose 2.6 percent to 45.23 yuan. Yunnan Copper Co rose 3.9 percent to 28.44 yuan. Aluminum Corp of China grew 1 percent to 12.43 yuan.
Steelmakers were mixed. Baoshan Iron & Steel Co went down 0.54 percent to 7.30 yuan. Beijing Shougang Co added 0.7 percent to 3.85 yuan. Inner Mongolian Baotou Steel Union was up 0.26 percent to 3.85 yuan.
Neighboring markets were mixed as of 3pm. Japan Nikkei Index dipped 0.05 percent and Singapore Straits Times lost 0.24 percent, while Hong Kong Hang Seng edged up 0.15 percent.
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