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Stocks dip on higher than expected inflation
By Ye Zhen |
May 11, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning after a report showed China's inflation was higher than expected, even though it weakened.
The benchmark Shanghai Composite Index fell 0.25 percent, or 5.91 points to 2,404.32, Turnover stood at 41.7 billion yuan (US$6.62 billion) at the noon break.
The Consumer Price Index in April rose 3.4 percent from a year earlier, the National Bureau of Statistics said today. That compares with inflation of 3.6 percent a month earlier. Food prices gained 7 percent in April from a year earlier, the report showed.
The rise in the key gauge of inflation was higher than the surveyed expectation of a 3.3 percent rise, but slower than the government's 4 percent annual target.
China's Producer Price Index, a major gauge of inflation at the wholesale level, fell 0.7 percent in April from a year earlier, the National Bureau of Statistics said today. That compares with a decline of 0.3 percent in the prior month.
Ship manufacturers led the market down in today's morning session. Sainty Marine Corporation slumped 5.62 percent to 22.00 yuan. China CSSC Holdings fell 1.78 percent to 35.80 yuan. China Shipbuilding Industry Co lowered 1.60 percent to 6.15 yuan.
The market decline was slowed by a surge in coal producers. Taiyuan Coal Gasification Co climbed 5.06 percent to 21.40 yuan. Heilongjiang Heihua Co rose 2.23 percent to 5.04 yuan. Shanghai ACE Co gained 1.17 percent to 6.04 yuan.
Media and entertainment companies rose on the release of a government document about strategies to support the nation's cultural industry. Anhui Xinhua Media Co increased 2.03 percent to 13.55 yuan. Shanghai Xinhua Media Co gained 0.61 percent to 6.64 yuan.
The benchmark Shanghai Composite Index fell 0.25 percent, or 5.91 points to 2,404.32, Turnover stood at 41.7 billion yuan (US$6.62 billion) at the noon break.
The Consumer Price Index in April rose 3.4 percent from a year earlier, the National Bureau of Statistics said today. That compares with inflation of 3.6 percent a month earlier. Food prices gained 7 percent in April from a year earlier, the report showed.
The rise in the key gauge of inflation was higher than the surveyed expectation of a 3.3 percent rise, but slower than the government's 4 percent annual target.
China's Producer Price Index, a major gauge of inflation at the wholesale level, fell 0.7 percent in April from a year earlier, the National Bureau of Statistics said today. That compares with a decline of 0.3 percent in the prior month.
Ship manufacturers led the market down in today's morning session. Sainty Marine Corporation slumped 5.62 percent to 22.00 yuan. China CSSC Holdings fell 1.78 percent to 35.80 yuan. China Shipbuilding Industry Co lowered 1.60 percent to 6.15 yuan.
The market decline was slowed by a surge in coal producers. Taiyuan Coal Gasification Co climbed 5.06 percent to 21.40 yuan. Heilongjiang Heihua Co rose 2.23 percent to 5.04 yuan. Shanghai ACE Co gained 1.17 percent to 6.04 yuan.
Media and entertainment companies rose on the release of a government document about strategies to support the nation's cultural industry. Anhui Xinhua Media Co increased 2.03 percent to 13.55 yuan. Shanghai Xinhua Media Co gained 0.61 percent to 6.64 yuan.
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