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Shanghai stocks close down 3.55% on economic gloom
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SHANGHAI stocks closed down 3.55 percent on Friday, hit by worries over China's slowing growth ahead of the release of gross domestic product figures next week, dealers said
The benchmark Shanghai Composite Index tumbled 106.68 points to 2,900.97, on turnover of 206.6 billion yuan ($31.5 billion), down almost 9.0 percent over the week.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, slumped 3.40 percent, or 63.24 points, to 1,796.13 on turnover of 331.7 billion yuan. It plunged 9.23 percent over the week.
Shanghai stocks have been on a rollercoaster ride, ending Thursday up almost two percent after heavy early losses, as investors fret about slowing growth in the world's second-largest economy and weakness in its yuan currency.
"The market is still in a downward spiral, so the moderate rebound on Thursday couldn't reverse the trend," Zhang Yanbing, an analyst at Zheshang Securities, told AFP.
"The market is still weighed down by the weak economy and yuan depreciation."
Beijing will announce fourth-quarter and 2015 GDP figures on Tuesday.
China's economic growth hit a 24-year low in 2014 and the country logged its worst economic performance since the global financial crisis in the third quarter of last year, with GDP expanding 6.9 percent.
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