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Investors wary ahead of April CPI release

By Wang Jiamei  (Global Times)

08:16, May 09, 2012

Both the Shanghai and Shenzhen stock markets ended with losses yesterday, mainly due to investor cautiousness in the run-up to the Friday release of April's CPI data.

The benchmark Shanghai Composite Index slipped 0.12 percent, or 3.06 points, to close at 2,448.88; while the Shenzhen Component Index fell 0.83 percent, or 88.21 points, to finish at 10,524.68.

The Shanghai Composite edged down with fluctuations at the beginning of trading before bouncing back somewhat from an intra-day low of 2,431.03 points. Wavering movement dominated the afternoon session, accompanied by sluggish performances from the heavily weighted securities, coal and oil sectors.

Most investors took a cautious stance toward trading yesterday as the latest CPI, a major gauge of inflation, is set to be released this Friday amid a host of speculations about the state of China's economic climate. According to a survey by China Business News which questioned experts from 25 financial institutions, the CPI growth rate is expected to reach 3.4 percent in April, while analysts from Bank of Communications predict the CPI will ease to 3.3 percent.

The media and entertainment, chemical, military and aerospace sectors were the best performers yesterday, while securities, brewing and coal producers dropped the most.

The two indices together saw 1,120 stocks gain in value, 1,122 lose and 228 draw even.

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