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Shanghai stocks down as hope for more easing wanes
By Ye Zhen |
October 15, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower today amid concerns that China's falling Producer Price Index in September will make it less likely for the government to roll out more easing policies.
The key Shanghai Composite Index shed 0.3 percent to close at 2,098.7 points. Turnover reached 42.3 billion yuan (US$6.7 billion) today.
China's Producer Price Index, a factory-gate measurement of inflation, fell 3.6 percent in September from a year earlier, the National Bureau of Statistics said today. The index dropped for seventh months in a row, fueling anxiety about poor company earnings in the third quarter.
"A falling PPI indicates the Chinese enterprises are under mounting pressure and the decline of their earnings may last a while," said Ba Shusong, deputy director-general at the Development Research Center of the State Council.
Expectation for further monetary easing diminished after China's M2, the broadest measure of money supply, rose 14.8 percent from a year earlier in September, quicker than the 13.5 percent increase in August, the People's Bank of China said on Saturday.
Publishing-related stocks led the market down as investors locked in gains after their share prices surged on Mo Yan's win of the 2012 Nobel Literature Prize. Shanghai Xinhua Media Co shed 5 percent to 5.92 yuan. Changjiang Publishing & Media Co slumped 6.1 percent to 6.98 yuan. Chinese Universe Publishing and Media Co fell 3.5 percent to 15.53 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 2.3 percent to 32.73 yuan. Xiamen Tungsten Co fell 4.2 percent to 37.13 yuan. Rising Nonferrous Metals Share Co decreased 3.3 percent to 43.33 yuan.
The key Shanghai Composite Index shed 0.3 percent to close at 2,098.7 points. Turnover reached 42.3 billion yuan (US$6.7 billion) today.
China's Producer Price Index, a factory-gate measurement of inflation, fell 3.6 percent in September from a year earlier, the National Bureau of Statistics said today. The index dropped for seventh months in a row, fueling anxiety about poor company earnings in the third quarter.
"A falling PPI indicates the Chinese enterprises are under mounting pressure and the decline of their earnings may last a while," said Ba Shusong, deputy director-general at the Development Research Center of the State Council.
Expectation for further monetary easing diminished after China's M2, the broadest measure of money supply, rose 14.8 percent from a year earlier in September, quicker than the 13.5 percent increase in August, the People's Bank of China said on Saturday.
Publishing-related stocks led the market down as investors locked in gains after their share prices surged on Mo Yan's win of the 2012 Nobel Literature Prize. Shanghai Xinhua Media Co shed 5 percent to 5.92 yuan. Changjiang Publishing & Media Co slumped 6.1 percent to 6.98 yuan. Chinese Universe Publishing and Media Co fell 3.5 percent to 15.53 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 2.3 percent to 32.73 yuan. Xiamen Tungsten Co fell 4.2 percent to 37.13 yuan. Rising Nonferrous Metals Share Co decreased 3.3 percent to 43.33 yuan.
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