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Shanghai stocks drop as data show faster price growth
By Lydia Chen |
April 15, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market gave in to inflationary pressure in the morning session today after China reported its economy grew a more-than- estimated 9.7 percent in the first quarter and inflation accelerated in March to the fastest pace since 2008.
The Shanghai Composite Index opened high or even rose after China released the data. But the inflation concerns weighed on the stocks and led the market down 0.53 percent to close at 3.026.44 at mid-day break.
Coal and cement makers were among the worst performers this morning as investors worried that more tightening measures would be released to bring down price growth.
Baoshan Iron &Steel Co, the country's biggest steel maker, shed 2.43 percent to 7.24 yuan (US$1.1). Yanzhou Coal Mining Co declined 2.70 percent to 36 yuan.
China eyes taming prices the government's top and "most urgent" priority. The country aims to control inflation within 4 percent for this year, which many analysts now said were hardly achievable.
Bank of America Merrill Lynch said yesterday that an increase in reserve requirements for banks may be "imminent" after the nation's foreign-exchange holdings jumped to a world record US$3 trillion.
The Shanghai Composite Index opened high or even rose after China released the data. But the inflation concerns weighed on the stocks and led the market down 0.53 percent to close at 3.026.44 at mid-day break.
Coal and cement makers were among the worst performers this morning as investors worried that more tightening measures would be released to bring down price growth.
Baoshan Iron &Steel Co, the country's biggest steel maker, shed 2.43 percent to 7.24 yuan (US$1.1). Yanzhou Coal Mining Co declined 2.70 percent to 36 yuan.
China eyes taming prices the government's top and "most urgent" priority. The country aims to control inflation within 4 percent for this year, which many analysts now said were hardly achievable.
Bank of America Merrill Lynch said yesterday that an increase in reserve requirements for banks may be "imminent" after the nation's foreign-exchange holdings jumped to a world record US$3 trillion.
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