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November 10, 2016

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Shares fall but remain steady as Asia dives

SHANGHAI stocks dipped yesterday but positive economic data helped them to be the most steady compared with the tumble in other Asia markets.

The Shanghai Composite Index lost 0.62 percent to end at 3,128.37 points.

Despite the decline, it was the best performer in Asia, given that Japan’s Nikkei stock index dived 5.36 percent while South Korea’s Kopsi fell 2.3 percent.

Shares shrank in the morning session taking their cue from the global market disarray as it became increasingly clear that Donald Trump would win the US presidential election.

However, China’s Consumer Price Index and Producer Price Index both rose last month and gave the market the tonic it needed, said Zhang Qi, analyst at Haitong Securities.

The CPI, a main gauge of inflation, gained 2.1 percent in October from a year earlier, the National Bureau of Statistics said.

The PPI, a measurement of inflation at the factory gate and an indicator of future prices at the consumer end, rose 1.2 percent year on year, and was 0.7 percent higher from September.

“The results suggest China’s goods prices were steady, and the growth of PPI was in line with a recovery in commodities such as coal and steel,” Zhang said.

Coal firms led the gainers yesterday, with Shaanxi Heimao Coking Co rising 6.54 percent to 10.43 yuan (US$1.54) and Guizhou Panjiang Refined Coal Co climbing 4.74 percent to 9.50 yuan.


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