Markets sluggish despite CPI data

Stock markets in the Chinese mainland remained sluggish Thursday, despite the release of data showing lower-than-expected inflation for 2013.

The benchmark Shanghai Composite Index inched down by 16.72 points or 0.82 percent to 2,027.62 points, a five-month low, on Thursday. The Shenzhen Component Index declined by 55.41 points or 0.71 percent to 7,746.74 points, falling for a sixth consecutive day.

Combined turnover on the two bourses on Thursday was 181.74 billion yuan ($30.01 billion). up from the previous trading day's 175.63 billion yuan.

Data released by the National Bureau of Statistics Thursday showed the consumer price index (CPI). a main gauge of inflation, was 2.6 percent in 2013, below the government's target of 3.5 percent, giving hope to investors that the government might ease its monetary policies and boosting shares in real estate companies.

Beijing-based Macrolink Real Estate Co and Winsan (Shanghai) Industrial Co jumped by the daily limit of 10 percent to 6.55 yuan and 5.43 yuan, respectively.

Leading e-commerce company Alibaba Group Holdings said Wednesday it would set up a mobile gaming platform in China, boosting related stocks.

Shenzhen-listed communication equipment developer Hedy Holding Co and Shanghai-listed IT firm Insigma Technology Co rose on Thursday by 10 percent to 6.00 yuan and 6.18 yuan, respectively.

Following a forecast by the Ministry of Land and Resources on Wednesday that the country's annual crude oil and natural gas output would be double the current amount by 2030, shares in oil and gas companies also gained on Thursday.

Offshore Oil Engineering Co climbed by 9.94 percent to 7.96 yuan and China Oilfield Services Ltd rose by 5.09 percent to 22.09 yuan.

Meanwhile, insurers, brokerages and steel firms fell on Thursday. China Life Insurance Co fell 2.59 percent to 14.31 yuan and Shanxi Securities Co slid 3.90 percent to 6.65 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, retreated by 24.48 points or 1.76 percent to 1,380.24 points on Thursday, after Wednesday's strong gain of 3.90 percent.