Mainland stock exchanges hit by disappointing economic data

By Park Gayoung Source:Global Times Published: 2014-4-20 23:08:01

Stock markets in the Chinese mainland closed the week with a decline on Friday.

The benchmark Shanghai Composite Index nudged down by 1.14 points or 0.05 percent to 2,097.75 points on Friday. The index saw a weekly loss of 1.54 percent from the previous Friday, April 11.

The Shenzhen Component Index inched up by 4.70 points or 0.06 percent to close at 7,455.74 points, with a decline of 1.73 percent week-on-week. 

Combined turnover on the two bourses on Friday was 150.04 billion yuan ($24.10 billion), down from Thursday's 158.34 billion yuan.

The weekly loss came after the release of weak economic data, which hurt market sentiment.

On Tuesday, data released by the People's Bank of China (PBC), the central bank, showed that the broad M2 money supply grew by 12.1 percent year-on-year in March, the slowest growth in more than a decade.

Also on Tuesday, the Ministry of Land and Resources said China's land price growth had slowed for the first time in 21 months in the first quarter of this year.

On Wednesday, another set of data released by the National Bureau of Statistics showed that the country's GDP grew by 7.4 percent year-on-year in the first quarter, down from 7.7 percent in the previous quarter and the slowest pace since the third quarter of 2012.

Meanwhile, investors showed strong interest in companies tied to regional development last week.

Stocks linked to the Xinjiang and Tibet autonomous regions fluctuated throughout the week after local governments unveiled new economic policies. And stocks related to the integration of Beijing and Tianjin municipalities and Hebei Province have been fluctuating for the last two weeks.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, also rose by 9.83 points or 0.72 percent to 1,377.42 points on Friday. The index was up by 0.99 percent week-on-week.



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