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Shanghai shares drop 0.21% as deflationary pressure mounts
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SHANGHAI stocks ended lower today as data showed China’s consumer prices grew at the slowest pace in 18 months, a reflection of economic slowdown.
The benchmark Shanghai Composite Index shed 0.21 percent, or 4.14 points, to 2,011.14. Daily turnover was 57.5 billion yuan (US$9.3 billion). The index lost 0.75 percent this week, declining four weeks in a row.
“Investors are holding back on concerns over new-share sales and economic slowdown,” said Shanxi Securities.
More than 300 companies have disclosed their prospectuses for initial public offerings, according to the China Securities Regulatory Commission.
Data from the National Bureau of Statistics showed that China’s consumer price index rose 1.8 percent year on year in April, the slowest pace in 18 months. While the producer price index fell 2 percent, the 26th straight month of decline.
“Both indices are short of expectations, indicating the deflationary pressure is building. Overall demand remains sluggish and the destocking process among manufacturers remains slow,” economists at HSBC Global Research said today.
“This calls for more policy easing in coming months,” they said.
Great Wall Motor Co Ltd led the losses of automakers, falling by the daily limit of 10 percent to 28.69 yuan, after the company said it will delay the delivery of its new Haval H8 SUV due to quality issues.
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