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Shanghai shares drop on worries of inflation
By Joyce Pan |
January 21, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended its loss in the morning session as inflationary risks sparked investors' concerns about tightening of the monetary policy.
The benchmark Shanghai Composite Index dropped 0.28 percent, or 8.74 points, to close at 3,143.11 points. Turnover stood at 76.9 billion yuan (US$11.3 billion) at midday break. Gainers outnumbered losers 452 to 407 while 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.4 percent to close at 1,186.98 points.
China's gross domestic product expanded 8.7 percent in 2009, surpassing the 8 percent target the country set early last year, the National Bureau of Statistics said today.
However, the figure stirred concerns that China has been well poised to pull back its stimulus package as the country is on track to realize a solid economic recovery.
Meanwhile, the Consumer Price Index in December rose 1.9 percent from a year earlier, gaining pace from a 0.6 percent year-on-year rise in November, the statistics bureau said.
"As consumer prices in December accelerated sharply from November, a lift in the benchmark interest rate may come earlier than market expectations," analysts with Guosen Securities Co wrote in a research note.
Xinjiang Ba Yi Iron & Steel Co slumped 7.8 percent to 14.81 yuan. Jiangxi Copper Co eased 2.5 percent to 36.96 yuan. Aluminum Corp of China slid 1.7 percent to 13.68 yuan. Shandong Gold Mining Co tumbled 4.8 percent to 71.1 yuan.
Bucking the downward trend, Bank of China inched up 0.2 percent to 4.11 yuan. China Merchants Bank added 1.2 percent to 16.05 yuan. China Construction Bank Corp gained 1 percent to 5.82 yuan. Industrial and Commercial Bank of China advanced 1.6 percent to 5.01 yuan.
The benchmark Shanghai Composite Index dropped 0.28 percent, or 8.74 points, to close at 3,143.11 points. Turnover stood at 76.9 billion yuan (US$11.3 billion) at midday break. Gainers outnumbered losers 452 to 407 while 33 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.4 percent to close at 1,186.98 points.
China's gross domestic product expanded 8.7 percent in 2009, surpassing the 8 percent target the country set early last year, the National Bureau of Statistics said today.
However, the figure stirred concerns that China has been well poised to pull back its stimulus package as the country is on track to realize a solid economic recovery.
Meanwhile, the Consumer Price Index in December rose 1.9 percent from a year earlier, gaining pace from a 0.6 percent year-on-year rise in November, the statistics bureau said.
"As consumer prices in December accelerated sharply from November, a lift in the benchmark interest rate may come earlier than market expectations," analysts with Guosen Securities Co wrote in a research note.
Xinjiang Ba Yi Iron & Steel Co slumped 7.8 percent to 14.81 yuan. Jiangxi Copper Co eased 2.5 percent to 36.96 yuan. Aluminum Corp of China slid 1.7 percent to 13.68 yuan. Shandong Gold Mining Co tumbled 4.8 percent to 71.1 yuan.
Bucking the downward trend, Bank of China inched up 0.2 percent to 4.11 yuan. China Merchants Bank added 1.2 percent to 16.05 yuan. China Construction Bank Corp gained 1 percent to 5.82 yuan. Industrial and Commercial Bank of China advanced 1.6 percent to 5.01 yuan.
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