Shares fall on concerns of likely rebound in inflation
By Ye Zhen |
January 9, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday on concerns that a possible rebound in inflationary pressure may reduce room for China to further relax its monetary stance.
The Shanghai Composite Index shed 0.41 percent to 2,276.07.
"As a recovery in the economy has been confirmed by recent data, most investors have shifted their attention to the coming inflation figure that may have rebounded on rising food prices," BoCom International Holdings said in a report yesterday.
It put China's inflation at 2.3 percent for December, up from 2 percent in November. It predicted inflation will exceed 3 percent in February as prices ate set to rise during Spring Festival.
"The Chinese government is unlikely to cut the benchmark interest rates or the reserve requirement ratio in 2013 under rising inflationary pressure," the bank said.
Shanghai Pudong Development Bank fell 1.9 percent to 10.12 yuan (US$1.63). The Industrial and Commercial Bank of China, the nation's largest lender, lost 2.1 percent to 4.14 yuan.
The Shanghai Composite Index shed 0.41 percent to 2,276.07.
"As a recovery in the economy has been confirmed by recent data, most investors have shifted their attention to the coming inflation figure that may have rebounded on rising food prices," BoCom International Holdings said in a report yesterday.
It put China's inflation at 2.3 percent for December, up from 2 percent in November. It predicted inflation will exceed 3 percent in February as prices ate set to rise during Spring Festival.
"The Chinese government is unlikely to cut the benchmark interest rates or the reserve requirement ratio in 2013 under rising inflationary pressure," the bank said.
Shanghai Pudong Development Bank fell 1.9 percent to 10.12 yuan (US$1.63). The Industrial and Commercial Bank of China, the nation's largest lender, lost 2.1 percent to 4.14 yuan.
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