Shanghai stocks slip at midday

By Ding Yining  |   2008-12-11  |     ONLINE EDITION

SHANGHAI'S key stock index ended lower in the morning session as investors digest a slew of major economic statistics announced between yesterday afternoon and this morning.

The benchmark Shanghai Composite Index dipped 0.31 percent, or 6.42 points, to close at 2,072.69 points. Turnover was 46.9 billion yuan (US$6.82 billion). Losing shares outnumbered gainers 523 to 326 and 58 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped a minute 0.03 percent to close at 624.16 points.

The Consumer Price Index for November grew 2.4 percent from the same period last year. It was the seventh straight month that the main inflation gauge dropped and the lowest figure in 21 months, the National Bureau of Statistics said this morning.

Exports in November fell 2.2 percent from the year-earlier period while imports dropped 17.9 percent, both demonstrating the heavy blow domestic manufacturers are dealing with due to the global credit crunch, the General Administration of Customs announced yesterday afternoon.

Heavyweights were sluggish in the first half of trading. China Pacific Insurance (Group) Co Ltd dropped 0.72 percent to 12.42 yuan. China Petroleum & Chemical Corp, Asia's largest refiner which is also known as Sinopec, fell 1.42 percent to 8.32 yuan.

Banks reversed this morning after making gains yesterday. Industrial & Commercial Bank of China, the nation's biggest lender, declined 1.72 percent to 4.01 yuan. China Construction Bank decreased 1.77 percent to 4.43 yuan. Shanghai Pudong Development Bank fell 2.14 percent to 15.10 yuan.