Rising worries over economy deflate shares
Print Edition
SHANGHAI stocks fell yesterday amid rising worries after China’s economy expanded at the lowest rate in more than five years in the third quarter.
The Shanghai Composite Index dipped 0.72 percent to 2,339.66 points.
China’s gross domestic product grew 7.3 percent in the July-September quarter from a year earlier, easing from the growth of 7.5 percent in the second quarter, the National Bureau of Statistics said yesterday.
The rate was the lowest since the first quarter of 2009, sparking doubts over China’s ability to meet its annual growth target of 7.5 percent this year.
“Signs of economic weakness plus the upcoming new share sales delivered a blow to the market,” Guangfa Securities said yesterday.
The real estate sector fell after fixed-asset investment rose 16.1 percent annually in the first three quarters, slower than the 16.5 percent rise in the first eight months of this year.
Guangzhou Pearl River Industrial Development fell 9.8 percent to 6.65 yuan (US$1.09). Poly Real Estate lost 1.1 percent to 5.59 yuan, and Shanghai Xinmei Real Estate fell 2.1 percent to 6.69 yuan.
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