Shares fall as China’s economy slows further
Print Edition
SHANGHAI stocks fell yesterday as investors were dampened by data showing that China’s economy grew at its slowest growth in six years.
The Shanghai Composite Index dropped 1.24 percent to close at 4,084.16 points.
China’s economy grew 7 percent in the first quarter from a year ago, its slowest pace of growth since the global financial crisis in 2009. The rise was also below the 7.3 percent set in the three months to December.
Nomura Securities said loans and credit also fell in March, and investors were hoping for more policy-easing measures.
Shanghai Zhangjiang Hi-Tech Park Development Co dropped 8.4 percent to 21.38 yuan (US$3.45), Shanghai Jinqiao Export Processing Zone Development Co lost 8.22 percent to 25.24 yuan, and Shanghai Waigaoqiao Free Trade Zone Development Co shed 7.06 percent to 38.85 yuan.
Jing Ulrich, managing director and vice chairwoman of Asia-Pacific at JPMorgan, told a media conference in Shanghai yesterday that investors should be aware of the potential risks as the key index had doubled in less than a year.
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