Index falls most in over 2 weeks on GDP data
By Ye Zhen |
April 16, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks plunged the most in over two weeks yesterday and ended below 2,200 points after China's economy grew slower than expected, fueling worries about the recovery of the world's second-largest economy.
The Shanghai Composite Index fell 1.1 percent, the biggest daily loss since March 28, to 2,181.94 points, its lowest level since December 24.
China's gross domestic product in the first quarter grew 7.7 percent from a year earlier, the National Bureau of Statistic said yesterday. The growth rate was slower than a widely-expected expansion of 8 percent.
"The GDP data pointed to a weaker-than-expected economic rebound due to a weak re-stocking process as a result of sluggish demand," said Xue Hexiang, analyst with Guotai Junan Securities.
Changjiang Securities said the disappointing data will cast a shadow over the A-share market in the short term.
Gold stocks dimmed after the metal for June delivery hit the biggest fall since February 2012 to US$1,501 per ounce last Friday, the lowest since July 2011.
Zijin Mining Group Co, the nation's largest gold producer, slipped 5.6 percent to 3.20 yuan. Zhongjin Gold Corp plunged 6.7 percent to 12.93 yuan.
Xue also said investor sentiment was hurt by the government's anti-corruption campaign and the outbreak of H7N9 bird flu.
Tourism-related stocks fell again on the H7N9 crisis. Huangshan Tourism Development Co shed 3.4 percent to 12.30 yuan. China International Travel Service Corp sank 2.3 percent to finish at 29.30 yuan.
The Shanghai Composite Index fell 1.1 percent, the biggest daily loss since March 28, to 2,181.94 points, its lowest level since December 24.
China's gross domestic product in the first quarter grew 7.7 percent from a year earlier, the National Bureau of Statistic said yesterday. The growth rate was slower than a widely-expected expansion of 8 percent.
"The GDP data pointed to a weaker-than-expected economic rebound due to a weak re-stocking process as a result of sluggish demand," said Xue Hexiang, analyst with Guotai Junan Securities.
Changjiang Securities said the disappointing data will cast a shadow over the A-share market in the short term.
Gold stocks dimmed after the metal for June delivery hit the biggest fall since February 2012 to US$1,501 per ounce last Friday, the lowest since July 2011.
Zijin Mining Group Co, the nation's largest gold producer, slipped 5.6 percent to 3.20 yuan. Zhongjin Gold Corp plunged 6.7 percent to 12.93 yuan.
Xue also said investor sentiment was hurt by the government's anti-corruption campaign and the outbreak of H7N9 bird flu.
Tourism-related stocks fell again on the H7N9 crisis. Huangshan Tourism Development Co shed 3.4 percent to 12.30 yuan. China International Travel Service Corp sank 2.3 percent to finish at 29.30 yuan.
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