Shares fall as inflation data raise concern
Print Edition
SHANGHAI stocks fell yesterday, snapping the longest winning streak since July, after china’s inflation eased further in september amid increased concerns about the country’s economic growth.
The shanghai composite Index fell 0.93 percent to 3,262.44 points, halting a five-day rebound.
Official data yesterday showed consumer inflation eased more than expected in september while producer prices continued to drop for a 43rd straight month. The inflation data followed dismal import figures on Tuesday, underscoring the poor state of the world’s second-largest economy.
HSBCJintrust said data indicated that china’s economy continued to slow and there was no sign of stabilization in the near future.
“The positive side is that easing policies are expected to continue and the liquidity condition will be sufficient,” the fund management company said in a note.
Automakers slumped after positive auto sales data released on Tuesday failed to rally investor confidence in the sector. Dongfeng automobile co fell 5.8 percent to 9.50 yuan (1.50), and great Wall motor slid 7.4 percent to 12.21 yuan.
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