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Shanghai shares ease on liquidity concern
By Lu Nengneng |
January 13, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session as the newly released inflation data cast uncertainty on the liquidity situation in the short term.
The Shanghai Composite Index extended yesterday's loss, dropping 1.77 percent to end at 2,234.81 points by the noon break. Turnover stood at 36.3 billion yuan (US$ 5.7 billion).
China's Consumer Price Index, a key gauge of inflation, posted a 5.4 percent annual growth last year, which exceeded the 4 percent target set by the central government and dimmed the prospect of monetary policy easing.
Property developers paced the retreat as their first-stage repayment of real estate investment trusts, due in February and March at large, may put further pressure on their cash flows. According to Guotai Junan Securities, the industry needs to repay 175.8 billion yuan this year.
China Vanke, the country's biggest developer, fell 1.6 percent to 7.4 yuan. Poly Real Estate lost 2.02 percent to 10.18 yuan.
Building material makers fell on the possible contraction of construction activities. Anhui Conch Cement tumbled 4.36 percent to 15.79 yuan. Wuhan Iron & Steel Co shed 1.98 percent to 2.97 yuan.
The Shanghai Composite Index extended yesterday's loss, dropping 1.77 percent to end at 2,234.81 points by the noon break. Turnover stood at 36.3 billion yuan (US$ 5.7 billion).
China's Consumer Price Index, a key gauge of inflation, posted a 5.4 percent annual growth last year, which exceeded the 4 percent target set by the central government and dimmed the prospect of monetary policy easing.
Property developers paced the retreat as their first-stage repayment of real estate investment trusts, due in February and March at large, may put further pressure on their cash flows. According to Guotai Junan Securities, the industry needs to repay 175.8 billion yuan this year.
China Vanke, the country's biggest developer, fell 1.6 percent to 7.4 yuan. Poly Real Estate lost 2.02 percent to 10.18 yuan.
Building material makers fell on the possible contraction of construction activities. Anhui Conch Cement tumbled 4.36 percent to 15.79 yuan. Wuhan Iron & Steel Co shed 1.98 percent to 2.97 yuan.
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