Shanghai stocks slip into negative territory as China growth slows to 7-year low
Hong Kong’s Hang Seng also pulls back after a seven-day rally
Chinese stocks edged lower on Friday, with a two-day advance running out of steam, after China’s economy reported the weakest quarterly growth in seven years.
The Shanghai Composite Index traded within a narrow range and switched between small gains and losses throughout the day, before closing at 3,078.12, down 0.1 per cent, or 4.24 points. The drop has slightly erased the index’s weekly gain to 3.1 per cent.
The CSI300 also dipped 0.1 per cent, or 3.62 points, to 3,272.21. The Shenzhen Composite Index edged down 0.2 per cent, or 3.87 points, to 1,978.58. Start-up index ChiNext dropped 0.6 per cent, or 14.72 points, to 2,309.68.
Turnover in Shanghai and Shenzhen continued to shrink, to 585 billion yuan from 625 billion yuan on Thursday.
Hong Kong’s Hang Seng Index also pulled back after seven straight sessions of gains. The Hang Seng Index slipped 0.1 per cent, or 21.34 points, to end at 21,316.47. For the week, the benchmark jumped 4.6 per cent.
The Hang Seng China Enterprises index fell 0.3 per cent, or 22.92 points, to 9,214.98.