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Shanghai shares down 0.15% in morning trading
By Lu Nengneng |
January 12, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stocks index edged down in the morning session after China's inflation control failed to meet the government target last year and cast uncertainties on its monetary policies this year.
The Shanghai Composite Index continued to level off after a three-day advance, dipping 0.15 percent to 2272.63 points. Turnover was 40 billion yuan (US$ 6.3 billion).
The National Statistics Bureau released the latest Consumer Price Index today. Though the main inflation gauge eased for a fifth straight month to a 15-month low in December with a 4.1 percent jump from a year earlier, it capped a 5.4 percent annual growth, still short of the 4 percent target set by the government early last year.
But the slowing price hike since August added to the market speculation that the central bank may fine-tune its monetary policies to provide more liquidity for banks soon. Lu Zhengwei, chief economist with Industrial Bank, predicted another bank reserve requirement cut before the Chinese New Year.
Banks were divided on speculations based on the latest CPI. Industrial and Commercial Bank of China lost 0.46 percent to 4.33 yuan. China Construction Bank retreated 0.21 percent to 4.76 yuan. China CITIC bank gained 1.42 percent to 4.28 yuan.
Power generators extended yesterday's losses as Yu Yanshan, deputy director of the State Electricity Regulatory Commission, predicted China's power-use growth to slow to 8.5 percent this year.
Huadian Power International Corp, a unit of China's fourth-largest power firm, slid 2.72 percent to 3.22 yuan. GD Power Development Co, the largest electricity supplier in northeast China, lost 0.72 percent to 2.74 yuan.
The Shanghai Composite Index continued to level off after a three-day advance, dipping 0.15 percent to 2272.63 points. Turnover was 40 billion yuan (US$ 6.3 billion).
The National Statistics Bureau released the latest Consumer Price Index today. Though the main inflation gauge eased for a fifth straight month to a 15-month low in December with a 4.1 percent jump from a year earlier, it capped a 5.4 percent annual growth, still short of the 4 percent target set by the government early last year.
But the slowing price hike since August added to the market speculation that the central bank may fine-tune its monetary policies to provide more liquidity for banks soon. Lu Zhengwei, chief economist with Industrial Bank, predicted another bank reserve requirement cut before the Chinese New Year.
Banks were divided on speculations based on the latest CPI. Industrial and Commercial Bank of China lost 0.46 percent to 4.33 yuan. China Construction Bank retreated 0.21 percent to 4.76 yuan. China CITIC bank gained 1.42 percent to 4.28 yuan.
Power generators extended yesterday's losses as Yu Yanshan, deputy director of the State Electricity Regulatory Commission, predicted China's power-use growth to slow to 8.5 percent this year.
Huadian Power International Corp, a unit of China's fourth-largest power firm, slid 2.72 percent to 3.22 yuan. GD Power Development Co, the largest electricity supplier in northeast China, lost 0.72 percent to 2.74 yuan.
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