Shanghai Composite dips 1.24% after weak GDP data

Mainland China equity market finished the volatile session lower on Wednesday, 15 April 2015, as investors opted for withdrawing some profit of the table after a slew of weak economic data. The Shanghai Composite Index declined 51.40 points, or 1.24% to 4084.16 at the close. The CSI300 index, the largest listed companies in Shanghai and Shenzhen, dropped 57.67 points, or 1.3%, to 4380.51. The benchmark gauge doubled since January 2014 amid government efforts to support growth and encourage a greater role for markets.

The National Bureau of Statistics (NBS) said on Wednesday that GDP rose 7.0% y/y in the first quarter ended March 2015, marking a slowdown from 7.3% in the fourth quarter and its weakest quarterly growth rate since the first quarter of 2009. Separately, NBS said that retail sales grew 10.2% in March from a year earlier, down from 10.7% in the January-February period and an annual rise of 12% in 2014. Also, Value-added industrial output in China rose 5.6% in March from a year earlier, slowing from 6.8% growth in the combined January-February period, data from the NBS showed.

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