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Economy

Chinese shares close mixed on weak GDP figure

1
2015-10-20 09:03Xinhua Editor: Gu Liping

Chinese equities staged a mixed performance on Monday as official data showed the country's GDP growth dropped below 7 percent for the first time in six years.

The benchmark Shanghai Composite Index edged down 0.14 percent to end at 3,386.7 points, while the smaller Shenzhen index advanced 0.14 percent to close at 11,391.01 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.63 percent to close at 2,433.6 points.

Total turnover on the Shanghai and Shenzhen bourses stood at 996.8 billion yuan (about 157 billion U.S. dollars), slightly up from 994.4 billion yuan on the previous trading day, indicating that transactions remained stable despite the GDP data.

The National Bureau of Statistics announced on Monday that China's economy grew 6.9 percent year on year in the third quarter of 2015, lower than 7 percent in the first half of the year.

The mixed performance of Chinese stocks showed market sentiment is diverging over the slowest GDP growth since the first quarter of 2009 that nevertheless beat many expectations of 6.8 percent or even lower.

China's fragile stock market recorded substantial gains last week, with the Shanghai Composite Index rising 6.5 percent over the five trading days.

Some optimistic analysts said the dark days for China's stock market this year are coming to an end, while others feared the foundations of a bullish market are still soft as the broader economy remains under considerable downward pressure.

  

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