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Stocks decline on higher-than-expected inflation
By Ye Zhen |
May 11, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower today as higher-than-expected inflation dampened speculation the central bank will loosen monetary policy in the short term.
The benchmark Shanghai Composite Index shed 0.63 percent, or 15.25 points to 2,394.98. Turnover stood at 75.82 billion yuan (US$12.03 billion) at the trading close. For the week, the index lost 2.33 percent.
China's Consumer Price Index in April rose 3.4 percent from a year earlier, easing from 3.6 percent the previous month, the National Bureau of Statistics said today. That compared with the surveyed expectation of a 3.3 percent rise.
The government will not loosen monetary policy too quickly, holding off until the second half of this year as the CPI hasn't moved down much in the last month, said Sheng Hongqing, chief economic analyst with China Everbright Bank.
E Yongjian, an analyst at Bank of Communications in Shanghai, said the central bank is now relying more on the open market to adjust market liquidity, which is more flexible.
Food prices, which account for nearly a third of the weighting in China's CPI basket, gained 7 percent last month from a year earlier, down from 7.5 percent in March, data showed.
Lenders dipped as a report released by the China Land Surveying and Planning Institute showed that the growth of land mortgages last year slowed across the country. Bank of Communications lost 1.43 percent to 4.81 yuan. Industrial and Commercial Bank of China, the nation's largest lender, fell 0.91 percent to 4.36 yuan. Agricultural Bank of China lost 0.37 percent to 2.73 yuan, and China Construction Bank shed 0.21 percent to 4.68 yuan.
Property developers fell on the central government's intention to introduce a property tax in more cities, which may further undermine housing demand. Shanghai Xinmei Real Estate Co slumped 6.15 percent to 7.32 yuan. Wolong Real Estate Group Co dropped 4.39 percent to 4.14 yuan. Poly Real Estate Group Co, China's second largest listed developer, lost 1.25 percent to 12.63 yuan.
Pharmaceutical firms bucked the downward trend. Jiangsu Lianhuan Pharmaceutical Co and Guangzhou Pharmaceutical Co both surged the daily limit of 10 percent to 14.69 yuan and 19.01 yuan respectively.
The benchmark Shanghai Composite Index shed 0.63 percent, or 15.25 points to 2,394.98. Turnover stood at 75.82 billion yuan (US$12.03 billion) at the trading close. For the week, the index lost 2.33 percent.
China's Consumer Price Index in April rose 3.4 percent from a year earlier, easing from 3.6 percent the previous month, the National Bureau of Statistics said today. That compared with the surveyed expectation of a 3.3 percent rise.
The government will not loosen monetary policy too quickly, holding off until the second half of this year as the CPI hasn't moved down much in the last month, said Sheng Hongqing, chief economic analyst with China Everbright Bank.
E Yongjian, an analyst at Bank of Communications in Shanghai, said the central bank is now relying more on the open market to adjust market liquidity, which is more flexible.
Food prices, which account for nearly a third of the weighting in China's CPI basket, gained 7 percent last month from a year earlier, down from 7.5 percent in March, data showed.
Lenders dipped as a report released by the China Land Surveying and Planning Institute showed that the growth of land mortgages last year slowed across the country. Bank of Communications lost 1.43 percent to 4.81 yuan. Industrial and Commercial Bank of China, the nation's largest lender, fell 0.91 percent to 4.36 yuan. Agricultural Bank of China lost 0.37 percent to 2.73 yuan, and China Construction Bank shed 0.21 percent to 4.68 yuan.
Property developers fell on the central government's intention to introduce a property tax in more cities, which may further undermine housing demand. Shanghai Xinmei Real Estate Co slumped 6.15 percent to 7.32 yuan. Wolong Real Estate Group Co dropped 4.39 percent to 4.14 yuan. Poly Real Estate Group Co, China's second largest listed developer, lost 1.25 percent to 12.63 yuan.
Pharmaceutical firms bucked the downward trend. Jiangsu Lianhuan Pharmaceutical Co and Guangzhou Pharmaceutical Co both surged the daily limit of 10 percent to 14.69 yuan and 19.01 yuan respectively.
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