Shares fall as price index curbs market
By Lydia Chen |
October 15, 2011, Saturday
|
Print Edition
Print Edition
SHARES in Shanghai fell yesterday following three days of gains after China reported a continuing high inflation level, meaning the government is less likely to relax economic policy.
The Shanghai Composite Index was down 0.3 percent to 2,431.38 points, narrowing this week's gain to 3.1 percent. Turnover yesterday shrank to 58.3 billion yuan (US$9.18 billion) from the previous day's 82.2 billion yuan.
According to Shenyin and Wanguo Securities, the contraction in turnover indicated investors remain reluctant to put their money into the market given the lack of encouragement from data released this week on trade and inflation.
The brokerage said: "Volatility will be the main theme for the next few weeks."
China's Consumer Price Index, a gauge of inflation, rose 6.1 percent year on year in September, compared with 6.2 percent in August, according to the National Bureau of Statistics. On a monthly basis, consumer prices rose 0.5 percent in September, the bureau said.
Zuo Jianming, an analyst at Oriental Securities, said: "Inflation is still high although slightly eased. It is still at a level that makes it impossible for the government to loosen monetary policy."
PetroChina, the nation's top oil producer, shed 1 percent to 9.89 yuan. Property developer Gemdale Corp lost 1.2 percent to 4.87 yuan.
China International Capital Corp said the moderation of inflation is temporary and investors should control their exposure to stocks.
The Shanghai Composite Index was down 0.3 percent to 2,431.38 points, narrowing this week's gain to 3.1 percent. Turnover yesterday shrank to 58.3 billion yuan (US$9.18 billion) from the previous day's 82.2 billion yuan.
According to Shenyin and Wanguo Securities, the contraction in turnover indicated investors remain reluctant to put their money into the market given the lack of encouragement from data released this week on trade and inflation.
The brokerage said: "Volatility will be the main theme for the next few weeks."
China's Consumer Price Index, a gauge of inflation, rose 6.1 percent year on year in September, compared with 6.2 percent in August, according to the National Bureau of Statistics. On a monthly basis, consumer prices rose 0.5 percent in September, the bureau said.
Zuo Jianming, an analyst at Oriental Securities, said: "Inflation is still high although slightly eased. It is still at a level that makes it impossible for the government to loosen monetary policy."
PetroChina, the nation's top oil producer, shed 1 percent to 9.89 yuan. Property developer Gemdale Corp lost 1.2 percent to 4.87 yuan.
China International Capital Corp said the moderation of inflation is temporary and investors should control their exposure to stocks.
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