Stocks dip on economic slowdown and new IPOs
Print Edition
SHANGHAI stocks ended lower yesterday after China’s consumer prices grew at the slowest pace in 18 months amid weak demand due to an economic slowdown.
The Shanghai Composite Index shed 0.2 percent, or 4.14 points, to 2,011.14. For the week, the index lost 0.75 percent to notch the fourth straight week of decline.
“Investors are holding back amid concerns about new shares sale and an economic slowdown,” said Shanxi Securities.
More than 300 companies have disclosed their initial public offering prospectuses, the China Securities Regulatory Commission said.
China’s Consumer Price Index rose 1.8 percent year on year in April, the slowest pace in 18 months, the National Bureau of Statistics said yesterday. The Producer Price Index fell 2 percent — a 26th straight month of decline.
“Both price indices are below expectations, suggesting disinflationary pressure is building,” HSBC Global Research said in a note yesterday. “This calls for more steps toward policy easing in the coming months.”
Great Wall Motor Co declined by the daily limit of 10 percent to 28.69 yuan (US$4.61) after the automaker said it would delay the delivery of its new Haval H8 SUV because of problems over quality.
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