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Shares suffer biggest daily loss since September
By Ye Zhen |
January 11, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell the most in more than three months on concern monetary policy loosening will be limited after inflation accelerated to a seven-month high.
The benchmark Shanghai Composite Index dropped 1.78 percent, the biggest daily loss since September 20, to close at 2,243 points. Daily turnover was 101.6 billion yuan (US$16.4 billion). The index lost 1.49 percent this week, snapping a five-week winning streak.
China's Consumer Price Index, the main gauge of inflation, rose 2.5 percent year on year in December, up from November's 2 percent, the National Bureau of Statistics said today.
Consumer prices climbed at the fastest pace since June 2012, above the estimated rate of 2.3 percent, due to surging food prices, which were 4.2 percent more than a year earlier, data showed.
For 2012, the CPI rose 2.6 percent from the previous year, well below the government target of 4 percent.
"The CPI figure indicates that inflation pressure is increasing as economic growth has stabilized," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong. "Consumer prices are expected to go up further until the third quarter this year, and the government may shift focus from spurring the economy to controlling the CPI."
China's Producer Price Index, a gauge of inflation at the wholesale level, declined for a 10th straight month, falling 1.9 percent in December year on year, the bureau said today.
"Although the factory destocking process is drawing to a close, the willingness to replenish inventory is low due to weak demand," said Zhang Lei, an analyst with Minsheng Securities. "The falling PPI indicates the macro economy has stabilized thanks to stimulus measures while growth momentum at the micro level is still weak."
Brokerages tumbled after data from Wind Information Co showed the gross profit of 17 listed brokerages dropped 21 percent from a year earlier to 15.8 billion yuan in 2012.
CITIC Securities, China's biggest listed brokerage, slumped 3.9 percent to 12.71 yuan. Haitong Securities decreased 3 percent to 9.59 yuan. Soochow Securities Co dropped 6.1 percent to close at 7.42 yuan.
The benchmark Shanghai Composite Index dropped 1.78 percent, the biggest daily loss since September 20, to close at 2,243 points. Daily turnover was 101.6 billion yuan (US$16.4 billion). The index lost 1.49 percent this week, snapping a five-week winning streak.
China's Consumer Price Index, the main gauge of inflation, rose 2.5 percent year on year in December, up from November's 2 percent, the National Bureau of Statistics said today.
Consumer prices climbed at the fastest pace since June 2012, above the estimated rate of 2.3 percent, due to surging food prices, which were 4.2 percent more than a year earlier, data showed.
For 2012, the CPI rose 2.6 percent from the previous year, well below the government target of 4 percent.
"The CPI figure indicates that inflation pressure is increasing as economic growth has stabilized," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong. "Consumer prices are expected to go up further until the third quarter this year, and the government may shift focus from spurring the economy to controlling the CPI."
China's Producer Price Index, a gauge of inflation at the wholesale level, declined for a 10th straight month, falling 1.9 percent in December year on year, the bureau said today.
"Although the factory destocking process is drawing to a close, the willingness to replenish inventory is low due to weak demand," said Zhang Lei, an analyst with Minsheng Securities. "The falling PPI indicates the macro economy has stabilized thanks to stimulus measures while growth momentum at the micro level is still weak."
Brokerages tumbled after data from Wind Information Co showed the gross profit of 17 listed brokerages dropped 21 percent from a year earlier to 15.8 billion yuan in 2012.
CITIC Securities, China's biggest listed brokerage, slumped 3.9 percent to 12.71 yuan. Haitong Securities decreased 3 percent to 9.59 yuan. Soochow Securities Co dropped 6.1 percent to close at 7.42 yuan.
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