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Shares open lower amid worries over economic outlook

(Xinhua)
Updated: 2008-12-12 13:25

Chinese shares opened lower on Friday, with the key Shanghai index edging down 0.84 percent, as investors were increasingly worried about the country's economic outlook following the release of bad economic data last month.

The benchmark Shanghai Composite Index lost 0.84 percent, or 17.10 points, to 2,014.58 at the opening, after falling 2.28 percent on the previous trading day. The smaller Shenzhen index was down 56.91 points, or 0.77 percent, to open at 7,304.58.

On Thursday, statistics showed the consumer price index was up just 2.4 percent in November, a seventh straight month of cooling inflationary pressure.

Combined with a sharp deceleration in the rise of factory-gate inflation, the figure prompted worries about the fast-slowing economy and rising deflationary pressure.

On Wednesday, the General Administration of Customs (GAC) said the country's exports totaled $115 billion last month, down 2.2 percent year-on-year in the first monthly decline since June 2001.

Sharp declines were recorded on the import front last month. Imports were worth $75 billion, down 17.9 percent year-on-year and down 19.5 percent month-on-month.

November's total trade volume stood at $189.89 billion, down 9 percent year-on-year.

Also on Wednesday, the National Bureau of Statistics (NBS) said China's producer price index, a measure of inflation at the factory level, decelerated sharply to an annual rise of 2 percent in November.

The Ministry of Commerce said foreign direct investment into China plunged 36.52 percent year-on-year to $5.32 billion last month.