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Market Update : 
Stocks in China Region Fall
Author: 123jump.com Staff
123jump.com
Last Update: 2:13 PM EDT April 16 2008

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GDP in the first quarter in China dipped to 10.6% from 11.7% a year ago, industrial production rose 16.4% and inflation to 8%. Food prices in the quarter surged 21% on tough weather conditions and rising fuel prices in the international markets. Retail prices in the quarter rose 7.4% and producer prices increased 6.9%. The news sent stocks lower in China and Hong Kong on the worries that the government will take measures to tighten the economy further.

 
However the rising energy prices adversely impacted on airlines. China Eastern Airlines Corp declined 3.4%, Cathay Pacific fell 1.7%, China Southern plummeted 2.2% and Air China dropped 4.7%

Coal miner Shenhua Energy rose 0.2% after it produced and sold more fuel in the first quarter to satisfy rising demand.

Tsingtao Brewery Co Ltd plunged 8% after it reported that a hike of income tax from 15% to 33% for 2007 will undermine the company’s earnings. Earnings in the first quarter may be lowered to Rmb 135 million from Rmb 560 million.

SMIC tumbled after surging 19% in previous day trading after the company denied that it is close to a major tie-up. In addition, HSBC also downgraded the stock from “neutral” to “underweight”, citing that any suitor will not be able to mend the company’s chip making business.
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