Related News
Shanghai index sags over GDP report
By Ye Zhen |
April 15, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks plunged the most in more than two weeks, closing below the 2,200-point mark after China posted slower-than-expected economic growth, fueling worries about the recovery of the world's second-largest economy.
The benchmark Shanghai Composite Index dropped 1.1 percent, the biggest daily loss since March 28, to settle at 2,181.94 points, its lowest since December 24. Turnover was 58.2 billion yuan (US$9.4 billion).
China's gross domestic product in the first quarter expanded 7.7 percent from a year earlier, the National Bureau of Statistic said today. That growth rate was far slower than a widely-expected growth rate 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. Meanwhile, the government's anti-corruption campaign and the outbreak of the H7N9 bird flu also depressed domestic consumption," 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 and will dampen investor confidence.
Gold stocks took a hit after gold for June delivery posted the biggest slump since February 2012 to US$1,501 per ounce last Friday, the lowest level 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.
Tourism-related stocks continued a weak run due to the H7N9 avian flu. Huangshan Tourism Development Co slumped 3.5 percent to 12.30 yuan. China International Travel Service Corp Ltd shrank 2.3 percent to 29.30 yuan.
The benchmark Shanghai Composite Index dropped 1.1 percent, the biggest daily loss since March 28, to settle at 2,181.94 points, its lowest since December 24. Turnover was 58.2 billion yuan (US$9.4 billion).
China's gross domestic product in the first quarter expanded 7.7 percent from a year earlier, the National Bureau of Statistic said today. That growth rate was far slower than a widely-expected growth rate 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. Meanwhile, the government's anti-corruption campaign and the outbreak of the H7N9 bird flu also depressed domestic consumption," 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 and will dampen investor confidence.
Gold stocks took a hit after gold for June delivery posted the biggest slump since February 2012 to US$1,501 per ounce last Friday, the lowest level 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.
Tourism-related stocks continued a weak run due to the H7N9 avian flu. Huangshan Tourism Development Co slumped 3.5 percent to 12.30 yuan. China International Travel Service Corp Ltd shrank 2.3 percent to 29.30 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
