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Shanghai shares slip below 2,200-point mark
By Ye Zhen |
April 15, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell below the 2,200-point level this morning 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 0.92 percent to 2,186.46 points by midday with a turnover of 33.1 billion yuan (US$5.3 billion).
China's gross domestic product (GDP) 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 disappointing data will cast a shadow over the A-share market in the short term and will dampen market expectation for China's economy," said Changjiang Securities.
Gold stocks led the decline of non-ferrous metals producers as gold price tumbled more than 5 percent last Friday. Zijin Mining Group Co, the nation's largest gold producer, slipped 5 percent to 3.22 yuan. Zhongjin Gold Corp plunged 6.6 percent to 12.95 yuan.
Tourism-related stocks continued a weak run due to the H7N9 avian flu. Huangshan Tourism Development Co slumped 4.3 percent to 12.19 yuan. China International Travel Service Corp Ltd shrank 2.3 percent to 29.30 yuan.
The benchmark Shanghai Composite Index dropped 0.92 percent to 2,186.46 points by midday with a turnover of 33.1 billion yuan (US$5.3 billion).
China's gross domestic product (GDP) 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 disappointing data will cast a shadow over the A-share market in the short term and will dampen market expectation for China's economy," said Changjiang Securities.
Gold stocks led the decline of non-ferrous metals producers as gold price tumbled more than 5 percent last Friday. Zijin Mining Group Co, the nation's largest gold producer, slipped 5 percent to 3.22 yuan. Zhongjin Gold Corp plunged 6.6 percent to 12.95 yuan.
Tourism-related stocks continued a weak run due to the H7N9 avian flu. Huangshan Tourism Development Co slumped 4.3 percent to 12.19 yuan. China International Travel Service Corp Ltd shrank 2.3 percent to 29.30 yuan.
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