1st LD-Writethru: China stocks fall ahead of inflation data
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E-mail Xinhua, March 8, 2013
China's stocks remained tepid on Friday despite positive trade data, as concerns persisted one day ahead of the release of inflation data for February.
The benchmark Shanghai Composite Index went down 0.24 percent, or 5.68 points, to end at 2,318.61. The Shenzhen Component Index lost 1.15 percent, or 107.86 points, to 9,285.83.
Combined turnover on the two bourses shrank to 175.6 billion yuan (28.01 billion U.S. dollars) from 251.8 billion yuan the previous trading day.
The market did not react strongly to the positive trade data for February, as investors showed more concern for Saturday's release of the consumer price index (CPI) figures for February.
Lian Ping, chief economist of the Bank of Communications, forecast that the CPI figure would be higher in February due to high food prices around the Spring Festival holiday.
China's CPI grew 2 percent year on year in January.
Foreign trade data showed stronger signs of recovery in February.
Exports went up 21.8 percent year on year to 139.37 billion U.S. dollars, while imports fell 15.2 percent to 124.12 billion U.S. dollars.
The trade surplus hit 15.2 billion U.S. dollars, sharply contrasting last year's deficit of 31.98 billion U.S. dollars.
Meanwhile, the financial sector continued to drop.
CITIC Securities Co., China's largest listed brokerage, lost 1.172 percent to 13.74 yuan per share. Industrial and Commercial Bank of China Ltd., the nation's largest listed lender, went down 0.24 percent to 4.12 yuan per share. Endi
