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March 10, 2017

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Shares fall to lowest in two weeks

SHANGHAI shares yesterday fell to a two-week low on China’s weak inflation data and amid concerns over a widely expected interest rate hike in the United States next week.

The Shanghai Composite Index lost 0.74 percent to 3,216.75 points, the lowest close since February 17.

China’s weaker-than-expected consumer inflation data weighed on investors as this suggested that the overall demand is still weak, analysts said. Consumer inflation slowed to 0.8 percent last month, marking its slowest pace since January 2015, due to lower food prices.

Investors are also turning cautious ahead of a likely interest rate hike in the US, as a stronger dollar will add liquidity pressure on emerging markets such as China.

Energy shares led decliners yesterday, with China Petroleum and Chemical Corp, the nation’s top refiner, off 0.89 percent to 5.60 yuan (81 US cents).


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