Flat index slumps 1.7% for week
By Ye Zhen |
July 14, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks ended almost flat yesterday after data showed China's second-quarter economy expanded at the slowest pace in three years.
The Shanghai Composite Index edged up 0.02 percent to close at 2,185.9 points. The index lost 1.7 percent for the week, a fourth week of losses.
China's gross domestic product expanded at 7.6 percent from a year earlier in the second quarter of this year, the National Bureau of Statistics said yesterday. That is slower than the 8.1 percent growth in the first quarter but in line with market expectations.
"Although GDP growth hit a new low in three years, the economic slowdown is still under control," Lian Ping, chief economist at the Bank of Communications, said on his Weibo yesterday.
Lenders gained as banks surprisingly issued more loans in June in a sign that the government's easing measures are taking effect. "The rise in money supply was due to the increasingly fast pace of credit loosening and stabilizing demand in the real economy," Founder Securities said in a report.
The Industrial and Commercial Bank of China, the nation's largest lender, rose 0.3 percent to 3.76 yuan (59 US cents).
The Shanghai Composite Index edged up 0.02 percent to close at 2,185.9 points. The index lost 1.7 percent for the week, a fourth week of losses.
China's gross domestic product expanded at 7.6 percent from a year earlier in the second quarter of this year, the National Bureau of Statistics said yesterday. That is slower than the 8.1 percent growth in the first quarter but in line with market expectations.
"Although GDP growth hit a new low in three years, the economic slowdown is still under control," Lian Ping, chief economist at the Bank of Communications, said on his Weibo yesterday.
Lenders gained as banks surprisingly issued more loans in June in a sign that the government's easing measures are taking effect. "The rise in money supply was due to the increasingly fast pace of credit loosening and stabilizing demand in the real economy," Founder Securities said in a report.
The Industrial and Commercial Bank of China, the nation's largest lender, rose 0.3 percent to 3.76 yuan (59 US cents).
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