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China's key stock index fell 1.24 percent on Friday to its lowest close in nearly three weeks after higher-than-expected inflation figures this week fuelled concern the central bank would act soon to raise banks' reserve ratios.
The Shanghai Composite Index ended at 3,013.412 points, after closing up a marginal 0.08 percent on Thursday. The index posted its second consecutive weekly loss, easing 0.5 percent.
Economic data released on Thursday showed China's inflation picked up to a 16-month high in February. "Today's large market fall is likely because February's CPI figures were higher than expected," said Cao Xuefeng, analyst at Western Securities.
However, officials played down inflation prospects with Deputy Central Bank Governor Su Ning saying the central bank did not see any big change in inflation trends in the February data.
Losing Shanghai stocks outnumbered winners by 771 to 119, while turnover fell to a nearly three-week low of 84 billion yuan ($12.31 billion) from Thursday's 96 billion yuan. Banks weighed on the index with Shenzhen Development Bank down 3.13 percent to 22.92 yuan despite saying net profit surged 719 percent last year to 5.03 billion yuan. ICBC fell 0.82 percent to 4.86 yuan while Pudong Development Bank fell 1.22 percent to 21.04 yuan.

Copyright Reuters, 2010

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