Stocks post lowest close in 2 weeks

09:43, August 11, 2010      

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China's key stock index ended down 2.9 percent Tuesday, its weakest close in two weeks, with investors concerned that higher inflation figures due to be released today could prompt further tightening measures.

Investor sentiment was also hurt after the release of trade figures earlier Tuesday, which showed imports in July were weaker than expected.

The Shanghai Composite Index ended the day at 2,595.3 points, after closing 0.5 percent higher Monday.

However, analysts said investor caution and uncertainty over near term policy decisions were muddying any chance for a rally.

"The market is pricing in that CPI could be higher than the expected 3.3 percent, prompting concerns of tighter policy in the future" said Xu Yinhui, analyst at Guotai Junan Securities.

Turnover in Shanghai A shares rose to 129 billion yuan ($19.06 billion) from Monday's 126 billion yuan ($19.04 billion).

Source: Global Times


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