Shanghai shares dip amid slowing growth in China's GDP

Song Yingge
Song Yingge
Investors hold wait-and-see stance ahead of anticipated new policy releases after Party's national congress

Song Yingge
Song Yingge

Shanghai shares dipped amid slowing growth of China's gross domestic product while investors held a wait-and-see stance ahead of anticipated new policy releases after the Party's national congress, analysts said.

The Shanghai Composite Index lost 0.34 percent to end at 3,370.17 points.

Investor sentiment deflated after the National Bureau of Statistics said China's GDP grew 6.8 percent year on year in the third quarter, down from 6.9 percent in the second quarter.

Although the growth figure in the third quarter was in line with economists’ forecasts, investor sentiment still dampened as it didn’t meet their expectations, said Li Huiyong, economist at Shenwan Hongyuan Securities Co.

Meanwhile analyst also held a wait-and-see mood before the release of detailed new policies after the national congress, which will clarify the directions for the country's development in the next five years, said Zhao Huan, chief analyst at Fortune Securities.

China Galaxy Securities Co lost 4.68 percent to 13.64 yuan (US$2.06), and Shanxi Coal International Energy Group Co shrank 5.45 percent to 5.03 yuan.

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