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China’s stocks close mixed

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Beijing: China’s stocks closed mixed on Tuesday with wide fluctuations.

The benchmark Shanghai Composite Index fell 0.18 percent to close at 3,640.49 points while the smaller Shenzhen index gained 0.81 percent to close at 12,500.53 points, Xinhua reported.
Total turnover on the Shanghai and Shenzhen bourses stood at 1.26 trillion yuan ($198 billion), down from 1.37 trillion yuan the previous trading day.

Nonferrous metal companies, securities traders and holography technology firms were among the biggest winners. A total of 114 stocks on the two exchanges rose by the daily limit of 10 percent.
China’s consumer price index (CPI), the main gauge of inflation, grew 1.3 percent year on year in October, while the producer prices fell for a 44th straight month, reflecting overcapacity on the domestic front as well as imported deflation pressure related to global commodity prices, the National Bureau of Statistics said on Tuesday.

The lower-than-expected CPI inflation is unlikely to trigger another interest rate cut very soon, but monetary policy decisions will become trickier and more data-dependent in the coming months, according to a report from JP Morgan.

The ChiNext Index, China’s NASDAQ-style board of growth enterprises, rose 0.81 percent to close at 2,746.61 points on Tuesday.

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