China stocks fall despite easing inflation

Beijing, May 11 (Xinhua-ANI): Chinese shares closed down Friday despite news of slowing inflation.

The benchmark Shanghai Composite Index fell 0.63 percent to 2,394.98. The Shenzhen Component Index edged down 0.64 percent to 10,211.41.

Combined turnover on the two bourses fell to 147 billion yuan (23.3 billion U.S. dollars) from 148.7 billion yuan the previous trading day.

Losers outnumbered gainers by 602 to 262 in Shanghai and by 948 to 432 in Shenzhen.

Statistical authorities announced Friday that inflation eased to 3.4 percent in April, down from 3.6 percent in March. The news failed to boost the market, with weak performances extended through the week.

Banking shares and non-ferrous metals led the decline. The Industrial and Commercial Bank of China, the country’s largest bank, fell 0.91 percent to 4.36 yuan per share. China Everbright Bank slid 0.98 percent to 3.02 yuan.

Shipmakers extended losses on speculation that recent gains were overdone. China CSSC Holdings Limited fell 3.68 percent to 35.11 yuan.

Bucking the trend, food companies rose. Jinzi Ham Co., Ltd. rose 1.65 percent to 14.77 yuan. (Xinhua-ANI)