Chinese stocks end mixed after the release of high CPI

Chinese shares performed mixed on Tuesday as investors remained cautious after the release of the nearly 12-year high CPI.

The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, rebounded from early drops to end the day 0.47% higher at 4,165.88 points after fluctuating between 4,165.92 and 4,063.47 points.

However, the Shenzhen Component Index on the smaller Shenzhen Stock Exchange failed to erase losses in the morning session to edge down 0.32% or 47.33 to 14,815.72 points, after touching an intraday low of 14,312.11 points.

The combined turnover on the two bourses shrunk a bit to RMB 116.5 from RMB 139.2 billion of the previous trading day.

China's CPI in February, a key gauge of inflation hit up to 8.7%, according to the data published by the National Bureau of Statistics yesterday.

Coal and oil producers performed above average. China Shenhua Energy Co<601088><1088>, the nation's largest coal producer, gained 4.29% to RMB 50.03. PetroChina<601857><857> which accounts for a quarter of the key Shanghai index, gained 1.18% to RMB 22.26.

Nonferrous developers were the biggest losers yesterday. Jiangxi Copper<600362><358>, the nation's largest producer of the metal dropped 2.80% to RMB 47.97, while Yunnan Copper<000878>, the third largest one moved down 3.81% to RMB 47.50.

As a whole, winners outweighed losers by 600 to 240 in Shanghai and 458 to 202 in Shenzhen.