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Shares fall despite inflation slowdown
By Lydia Chen |
November 9, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI'S stock market fell in the morning session today although inflation cooled to the slowest pace in five months.
The Shanghai Composite Index dropped 0.35 percent to 2,945.05. Turnover slid to 37.2 billion yuan (US$5.88 billion).
Steel producers and developers were among the weak plays during early trade.
Xinjiang Ba Yi Iron & Steel Co lost 1.18 percent to 10.09 yuan. Poly Real Estate, the country's second largest developer, slumped 2.03 percent to 9.65 yuan while China Vanke shed 1.30 percent to 7.58 yuan.
China's consumer price index, a main gauge of inflation, dropped to 5.5 percent year-on-year in October, the third consecutive monthly slide, the National Bureau of Statistics said today.
On a monthly basis, consumer prices edged up 0.1 percent in October, said the NBS in a statement at its website.
"The inflation fall will further heat up people's expectation that China may ease its tightening," Gui Haoming, chief strategist with Shenyin Wanguo Securities, said in a note yesterday.
But decreasing turnover in the past two days may indicate investor caution as more adopt a wait-and-see approach to the actual measures that authorities will take in their inflation fight, given that the Shanghai benchmark index has already climbed nearly 10 percent in the past few weeks under easing tightening expectations, he added.
The Shanghai Composite Index dropped 0.35 percent to 2,945.05. Turnover slid to 37.2 billion yuan (US$5.88 billion).
Steel producers and developers were among the weak plays during early trade.
Xinjiang Ba Yi Iron & Steel Co lost 1.18 percent to 10.09 yuan. Poly Real Estate, the country's second largest developer, slumped 2.03 percent to 9.65 yuan while China Vanke shed 1.30 percent to 7.58 yuan.
China's consumer price index, a main gauge of inflation, dropped to 5.5 percent year-on-year in October, the third consecutive monthly slide, the National Bureau of Statistics said today.
On a monthly basis, consumer prices edged up 0.1 percent in October, said the NBS in a statement at its website.
"The inflation fall will further heat up people's expectation that China may ease its tightening," Gui Haoming, chief strategist with Shenyin Wanguo Securities, said in a note yesterday.
But decreasing turnover in the past two days may indicate investor caution as more adopt a wait-and-see approach to the actual measures that authorities will take in their inflation fight, given that the Shanghai benchmark index has already climbed nearly 10 percent in the past few weeks under easing tightening expectations, he added.
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