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Stocks dip on inflation fears
By Feng Jianmin |
November 30, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key index closed slightly lower yesterday on reports that inflation in November will be faster than October. Blue chips underperformed while pharmaceutical firms gained.
The Shanghai Composite Index dipped 0.2 percent, or 5.3 points to 2,866.4. Turnover was 134 billion yuan (US$ 20.2 billion).
The Consumer Price Index in November is likely to range between 4.4 to 5 percent, China Securities Journal reported, citing several experts.
Investors are also keeping an eye on the central economic work conference that will be held in early December. The conference will set the direction for macro-economic policies next year.
"Measures to tame inflation will remain the focus of market concerns," said Tang Yonggang, an analyst with Hongyuan Securities. "Worries about the European debt crisis will linger but will not impact the market significantly. Shares will still fluctuate at a low level."
Miners led the decliners after the US dollar index rose above 80 as the euro declined, restricting growth of commodity prices.
Jiangxi Copper Co shed 2.2 percent to 34.21 yuan. Aluminum Corp of China was down 1.4 percent to 10.22 yuan. Shandong Gold Mining Group Co slid 3.3 percent to 52.72 yuan. China Shenhua Energy Co, China's largest coal producer, fell 1.9 percent to 24.69 yuan.
Pharmaceutical firms led the gainers in small and medium caps. Tibet Rhodiola Pharmaceutical Holding Co jumped by the daily limit of 10 percent to 17.92 yuan. Shanghai Pharmaceuticals Holding Co added 0.7 percent to 23.81 yuan.
The Shanghai Composite Index dipped 0.2 percent, or 5.3 points to 2,866.4. Turnover was 134 billion yuan (US$ 20.2 billion).
The Consumer Price Index in November is likely to range between 4.4 to 5 percent, China Securities Journal reported, citing several experts.
Investors are also keeping an eye on the central economic work conference that will be held in early December. The conference will set the direction for macro-economic policies next year.
"Measures to tame inflation will remain the focus of market concerns," said Tang Yonggang, an analyst with Hongyuan Securities. "Worries about the European debt crisis will linger but will not impact the market significantly. Shares will still fluctuate at a low level."
Miners led the decliners after the US dollar index rose above 80 as the euro declined, restricting growth of commodity prices.
Jiangxi Copper Co shed 2.2 percent to 34.21 yuan. Aluminum Corp of China was down 1.4 percent to 10.22 yuan. Shandong Gold Mining Group Co slid 3.3 percent to 52.72 yuan. China Shenhua Energy Co, China's largest coal producer, fell 1.9 percent to 24.69 yuan.
Pharmaceutical firms led the gainers in small and medium caps. Tibet Rhodiola Pharmaceutical Holding Co jumped by the daily limit of 10 percent to 17.92 yuan. Shanghai Pharmaceuticals Holding Co added 0.7 percent to 23.81 yuan.
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