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Shanghai shares down as GDP growth hits 5-year low
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SHANGHAI stocks fell today amid amounting economic worries after data showed China’s economy slowed to the lowest pace in more than five years in the third quarter.
The key Shanghai Composite Index declined 0.72 percent to 2,339.66.
China’s gross domestic product rose 7.3 percent between July and September from a year earlier, moderating from the growth of 7.5 percent in the second quarter, the National Bureau of Statistics said today.
The rate was the lowest since the first quarter of 2009, raising doubt over China’s ability to fulfill 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 in the short term,” GF Securities said today.
Shenyin & Wanguo Securities said the market decline would be limited as slower growth data is in line with market expectations.
“Hopes for further reforms from the four-day Fourth Plenum going on in Beijing and the imminent pilot program to link up Shanghai and Hong Kong stock markets will continue to support the market,” the brokerage said.
Real estate sector fell on data showing fixed asset investment rose 16.1 percent year on year in the first three quarters, slowing from the pace of 16.5 percent in the first eight months this year.
Guangzhou Pearl River Industrial Development slumped 9.8 percent to 6.65 yuan. Poly Real Estate lost 1.1 percent to 5.59 yuan. Shanghai Xinmei Real Estate fell 2.1 percent to 6.69 yuan.
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