Hong Kong shares close marginally up after China GDP
Hong Kong shares pared gains to end only slightly higher on Monday, with investors waiting for further signs of stimulus to boost growth after China’s GDP growth slowed in the second quarter.
The Hang Seng Index closed up 0.1 per cent at 21,303.31, hovering around one-month highs. The China Enterprises Index of the top Chinese listings in Hong Kong rose 0.1 per cent.
China’s growth slowed in the second quarter to an annual 7.5 per cent from 7.7 per cent in the first quarter as weak overseas demand weighed on output and investment, testing Beijing’s resolve to keep up with reforms in the world’s second-biggest economy.
China’s central bank governor Zhou Xiaochuan said on Monday that economic growth faced relatively big downward pressure and the country would keep prudent monetary policy and reasonable credit supply to provide a good financial environment for small firms.