China stocks flat as solid Q2 GDP figure dents stimulus hopes

viernes 15 de julio de 2016 00:43 GYT
 

* CSI300 -0.1 pct, SSEC -0.1 pct, HSI +0.6 pct

* Finance shares down as traders discount major stimulus

* Mining, real estate shares up

By Nathaniel Taplin

SHANGHAI, July 15 (Reuters) - China stocks struggled for direction and were flat at midday Friday as better-than-expected growth data dampense market hopes authorities will take major stimulus steps to prop up the economy.

"Today's better-than-expected GDP print suggests that a massive stimulus package by the government will be unlikely," wrote economists at ANZ Bank in Hong Kong.

China announced its economy grew 6.7 percent in the second quarter from a year earlier, slightly better than expected.

After the news, Chinese indexes moved in and out of positive territory. Real estate, textiles, equipment and mining shares rose as June industrial production increased 6.2 percent from a year earlier, higher than expected.

But finance shares, which outperformed recently on hopes for stimulus, fell.   Continuación...