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Stocks beaten down by inflation threat
By Ding Yining |
September 26, 2011, Monday
|
Online Edition
Online Edition
THE Shanghai market fell more than 1 percent today and closed at the lowest level in more than 14 months among concerns that high inflation would hamper economic growth.
The benchmark Shanghai Composite Index slid 1.64 percent to 2,393.18 points. Turnover was 58.9 billion yuan (US$9.2 billion).
Central Bank Governor Zhou Xiaochuan said China's economic growth momentum "remains relatively strong, but faces challenges such as relatively fast rises in consumer prices and relatively large amounts of capital inflows in the short term," according to a statement on the central bank's website yesterday.
Financial stocks dragged the index down. China Life Insurance Co slid 3.81 percent to 14.91 yuan. Ping An Insurance (Group) Co sank 9.58 percent to 34.37 yuan. Shanghai Pudong Development Bank lost 3.32 percent to 8.44 yuan.
Property developers closed lower after reports indicated Chongqing would impose a property tax on existing houses starting from October 1. Shanghai Shimao Co dropped 6.37 percent to 12.50 yuan. Poly Real Estate Group retreated 4.31 percent to 9.10 yuan.
The benchmark Shanghai Composite Index slid 1.64 percent to 2,393.18 points. Turnover was 58.9 billion yuan (US$9.2 billion).
Central Bank Governor Zhou Xiaochuan said China's economic growth momentum "remains relatively strong, but faces challenges such as relatively fast rises in consumer prices and relatively large amounts of capital inflows in the short term," according to a statement on the central bank's website yesterday.
Financial stocks dragged the index down. China Life Insurance Co slid 3.81 percent to 14.91 yuan. Ping An Insurance (Group) Co sank 9.58 percent to 34.37 yuan. Shanghai Pudong Development Bank lost 3.32 percent to 8.44 yuan.
Property developers closed lower after reports indicated Chongqing would impose a property tax on existing houses starting from October 1. Shanghai Shimao Co dropped 6.37 percent to 12.50 yuan. Poly Real Estate Group retreated 4.31 percent to 9.10 yuan.
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