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China shares flat despite decline in rapid growth

China shares flat despite decline in rapid growth

Chinese shares ended flat Friday as confidence in the economy revived despite a decline in rapid growth.
The benchmark Shanghai Composite Index closed unchanged at 2,424.27, while the Shenzhen Composite Index for China's smaller second exchange edged up 0.6 percent to 969.47.
The benchmark fell Thursday after second-quarter growth declined to 10.3 percent from the first quarter's 11.9 percent. But analysts said some investors returned to the market after deciding they might have overreacted.
"Economic growth, though lower than expected, still remained above 10 percent, while inflation was low. It's a pretty good performance if you put that in a global context," said Wen Lijun, an analyst for Nanjing Securities.
Agricultural Bank of China Ltd. lost 0.4 percent at 2.69 yuan on its second trading day after an initial public offering. Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, shed 0.7 percent to 4.15 yuan.
Metal shares, closely linked with economic performance, rebounded.
Jiangxi Copper Ltd., China's biggest metal producer, gained 2 percent to 25.43 yuan, while Aluminum Corp. of China, added 0.6 percent to 8.98 yuan.
China Vanke Ltd., the country's biggest developer, gained 1.3 percent to 7.62 yuan, and rival Poly Real Estates Ltd. rising 0.3 percent to 11.26 yuan.
In currency markets, the yuan weakened to 6.7755 to the U.S. dollar, down from Thursday's close of 6.7748.
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Associated Press researcher Bonnie Cao in Beijing contributed to this report.


Updated : 2021-04-20 16:32 GMT+08:00