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Stock index loses 1% in early trade
By Lu Nengneng |
April 10, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market continued its bearish trend in early trade as the higher-than-expected inflation rate cooled down market speculation of another monetary easing.
The key benchmark Shanghai Composite Index dropped 0.96 percent to 2,263.78 points. Turnover stood at 30.2 billion yuan (US$ 4.8 billion).
The National Bureau of Statistics said yesterday that China's Consumer Price Index rose 3.6 percent in March from a year earlier, which is higher than the estimated 3.5 percent and the 3.2 percent growth in February.
Market observers said the inflation rebound makes it less likely for policymakers to trim down the bank reserve ratio or the interest rate. Huatai United Securities said in a note that as the government has become more tolerant about an economic slowdown, monetary easing is not a pressing or even necessary task.
Material producers lost the most amid worries over its oversupply if China's economy continues its downward track. Jiangxi Copper, China's biggest producer of the metal, sank 1.56 percent to 23.97 yuan. Aluminium Corp of China slumped 1.79 percent to 6.58 yuan. Anhui Conch Cement tumbled 1.85 percent to 16.47 yuan.
The key benchmark Shanghai Composite Index dropped 0.96 percent to 2,263.78 points. Turnover stood at 30.2 billion yuan (US$ 4.8 billion).
The National Bureau of Statistics said yesterday that China's Consumer Price Index rose 3.6 percent in March from a year earlier, which is higher than the estimated 3.5 percent and the 3.2 percent growth in February.
Market observers said the inflation rebound makes it less likely for policymakers to trim down the bank reserve ratio or the interest rate. Huatai United Securities said in a note that as the government has become more tolerant about an economic slowdown, monetary easing is not a pressing or even necessary task.
Material producers lost the most amid worries over its oversupply if China's economy continues its downward track. Jiangxi Copper, China's biggest producer of the metal, sank 1.56 percent to 23.97 yuan. Aluminium Corp of China slumped 1.79 percent to 6.58 yuan. Anhui Conch Cement tumbled 1.85 percent to 16.47 yuan.
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