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Stocks flat as data shows slower GDP growth
By Ye Zhen |
July 13, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks traded flat today after official data showed China's second-quarter GDP grew at the slowest pace in three years.
The key Shanghai Composite Index edged up 0.02 percent, or 0.4 points, to close at 2,185.89 points. Turnover was 56.1 billion yuan (US$8.9 billion). The index lost 1.7 percent for the week.
China's gross domestic product increased at 7.6 percent from a year earlier in the second quarter, the National Bureau of Statistics said today. That is slower than 8.1 percent in previous quarter but in line with market expectation.
China's economy expanded at a stable pace in the first half of this year. The growth rate is still higher than 7.5 percent target set at the start of the year, said Sheng Laiyun, spokesman for the National Bureau of Statistics.
Lenders gained as official data showed banks issued more loans in June, a sign that government policy easing was taking effect.
The Industrial and Commercial Bank of China, the nation's largest lender, rose 0.3 percent to 3.76 yuan. China Construction Bank Corporation added 0.5 percent to 4.03 yuan. Agricultural Bank of China climbed 0.4 percent to 2.47 yuan.
Property developers were mixed. China Vanke, the nation's biggest developer, gained 2.4 percent to 9.86 yuan. Poly Real Estate, China's second-largest developer, shed 0.5 percent to 12.80 yuan. Gemdale Corporation closed flat at 6.89 yuan.
The key Shanghai Composite Index edged up 0.02 percent, or 0.4 points, to close at 2,185.89 points. Turnover was 56.1 billion yuan (US$8.9 billion). The index lost 1.7 percent for the week.
China's gross domestic product increased at 7.6 percent from a year earlier in the second quarter, the National Bureau of Statistics said today. That is slower than 8.1 percent in previous quarter but in line with market expectation.
China's economy expanded at a stable pace in the first half of this year. The growth rate is still higher than 7.5 percent target set at the start of the year, said Sheng Laiyun, spokesman for the National Bureau of Statistics.
Lenders gained as official data showed banks issued more loans in June, a sign that government policy easing was taking effect.
The Industrial and Commercial Bank of China, the nation's largest lender, rose 0.3 percent to 3.76 yuan. China Construction Bank Corporation added 0.5 percent to 4.03 yuan. Agricultural Bank of China climbed 0.4 percent to 2.47 yuan.
Property developers were mixed. China Vanke, the nation's biggest developer, gained 2.4 percent to 9.86 yuan. Poly Real Estate, China's second-largest developer, shed 0.5 percent to 12.80 yuan. Gemdale Corporation closed flat at 6.89 yuan.
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