China stocks extend retreat

Mainland China's stock market declined for second straight day on Wednesday, 15 July 2015, as profit booking continued amid dimming hopes of further stimulus after better-than-expected Chinese gross domestic product data. The benchmark Shanghai Composite Index retreated 118.78 points, or 3.03%, to finish at 3805.70 points, trimming gains from a three-day rally that lifted the benchmark roughly 13%. The Shanghai index was over 26% down from its peak on 12 June 2015. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 4.22%, or 90.67 points, to 2058.84 points. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, plummeted 5% to end at 2,590.03 points.

China's gross domestic product rose 7% in the three months through June from a year earlier, unchanged from 7% in the first quarter, according to National Bureau of Statistics (NBS) data released on Wednesday. Industrial output in June rose 6.8%, while fixed-asset investment increased 11.4% in the first half. Retail sales increased 10.6% in June, the NBS data showed.

Powered by Capital Market - Live News