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China stocks tumble in Asia on slower economic growth

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decline_8 July 15, 2010 (Chinavestor) Shares of Chinese companies fell in Asia on Thursday as China's economic growth slowed in the second quarter. The Shanghai Composite Index (SHA:000001) tumbled 46.1 points or 1.9 percent while the Hang Seng Index (INDEXHANGSENG:.HSI) fell 305.2 points or 1.5 percent. China's GDP growth slowed to 10.2 percent in the second quarter from 11.9 percent in the first quarter. Inflation remained low at 2.9 percent in June. Industrial output slowed to 17 percent vs. consensus estimate of 27 percent.

The sell-off was universal in Shanghai, stock that fell outnumbered those that advanced ten to one. Real estate and other oversold sectors remained resilient but resource players and mining companies fell hard.

pre_2010715_index

Earnings remain in the focus for U.S. investors but Yanzhou Coal (NYSE:YZC) and the Chinese telecom sector - including China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU)  - will be under pressure on Thursday.



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