chinese shares retreat on inflation data
Last Updated : GMT 16:23:05
Arab Today, arab today
Arab Today, arab today

Chinese shares retreat on inflation data

Arab Today, arab today

Arab Today, arab today Chinese shares retreat on inflation data

Beijing - XINHUA

Chinese shares tumbled on Friday after data showed China\'s inflation continued to trend upward in December, fueling concerns that the government may hold back further monetary easing to check inflation. The benchmark Shanghai Composite Index moved down 1.78 percent, or 40.66 points, to end at 2,243, while the Shenzhen Component Index shed 1.66 percent, or 152.32 points, to 9,017.73. Combined turnover on the two bourses rose to 207 billion yuan (33.01 billion U.S. dollars) from 191.71 billion yuan the previous trading day. Losers outnumbered gainers by 862 to 100 in Shanghai and by 1,221 to 268 in Shenzhen. China\'s consumer price index (CPI), a main gauge of inflation, grew 2.5 percent year on year in December -- its fastest pace since June -- on account of surging food prices, the National Bureau of Statistics announced on Friday. The latest data prompted a reversal of an upward trend logged in the earlier session, as investors fear the government may slow the pace of cuts to interest rates and reserve requirement ratios (RRR) for fear of reigniting inflation. China\'s central bank cut the RRR twice and lowered benchmark interest rates twice in 2012 to spur the slowing economy while taming inflation, but the latest rebound of CPI may make the government more cautious about fresh easing policies, analysts said. Property and securities were among Friday\'s biggest losers. Poly Real Estate Group Co., the country\'s second-largest developer, shed 4.52 percent to end the day at 13.53 yuan per share, and Hangzhou Binjiang Real Estate Group slumped 6.91 percent to 10.1 yuan. Shares in securities dropped across the board due to their sluggish performances last year. Soochow Securities gave up 6.08 percent to end at 7.42 yuan per share, and Sealand Securities moved down 5.48 percent to 11.72 yuan.

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