Stocks slip with weak economic data

Shanghai stocks fell on Friday as market sentiment was weak due to lower-than-expected economic data.

The Shanghai Composite Index lost 0.99 percent to close at 2,881.97 points. For the week, the gauge added 1.92 percent.

Shares of materials companies, mining and telecommunication firms were among the biggest decliners today.

Industrial output grew 5.0 percent in May from a year earlier, which slowed from April’s 5.4-percent growth, according to data from the National Bureau of Statistics released on Friday.

China’s real estate investment rose 11.2 percent in the first five months of the year, slowing from 11.9 percent in the January-April period, data from NBS showed.

Red Avenue New Materials Group Co Ltd dropped 9.53 percent to 23.63 yuan (US$3.41) and Lootom Telcovideo Network Co Ltd declined 7 percent to 11.16 yuan.