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Shanghai shares drop ahead of data release
By Lu Nengneng |
January 11, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell from a three-day winning streak in the morning session as investors turned less certain about the market trend ahead of the upcoming economic data release.
The benchmark Shanghai Composite Index dipped 0.42 percent to 2276.15 points. Turnover stood at 43 billion yuan (US$ 6.8 billion).
After a three-day 6.4 percent advance, the biggest gain since October 2010, the market leveled off slightly as investors tended to remain cautious before the release of December's inflation data tomorrow.
Though China's consumer price index growth is likely to ease further in December, probably to 4 percent from November's 4.2 percent, economists said battling inflation still tops the central government's economic priorities in the long term, making it less likely to change the tightening monetary policies.
Banks paced the retreat as the central bank didn't cut the reserve requirement ratio as expected to ease their current liquidity crunch.
Industrial and Commercial Bank of China, the country's largest lender, slid 0.69 percent to 4.32 yuan. China Construction Bank lost 0.63 percent to 4.75 yuan.
The benchmark Shanghai Composite Index dipped 0.42 percent to 2276.15 points. Turnover stood at 43 billion yuan (US$ 6.8 billion).
After a three-day 6.4 percent advance, the biggest gain since October 2010, the market leveled off slightly as investors tended to remain cautious before the release of December's inflation data tomorrow.
Though China's consumer price index growth is likely to ease further in December, probably to 4 percent from November's 4.2 percent, economists said battling inflation still tops the central government's economic priorities in the long term, making it less likely to change the tightening monetary policies.
Banks paced the retreat as the central bank didn't cut the reserve requirement ratio as expected to ease their current liquidity crunch.
Industrial and Commercial Bank of China, the country's largest lender, slid 0.69 percent to 4.32 yuan. China Construction Bank lost 0.63 percent to 4.75 yuan.
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