CHINA'S economic slowdown in the first quarter pared the gains of the key stock index in the morning amid renewed fears of a hard landing.

The key benchmark Shanghai Composite Index, which rose as high as 0.53 percent in early trading, closed 0.18 percent up at 2,355.14 points. Turnover stood at 52.3 billion yuan (US$8.3 billion).

The national bureau of statistics said this morning that China's first-quarter gross domestic product growth decelerated for a fifth straight quarter, standing at 8.1 percent, which is the slowest since the second quarter of 2009.

Property heavyweights strengthened after central bank data showed China's new loans surged to a 14-month high in March, adding to hopes of less pressure on their cash flow.

China Vanke, the country's biggest developer, went up 0.1 percent to 8.69 yuan. Poly Real Estate increased 0.7 percent to 12.05 yuan.

Banks were mixed despite the mounting speculation of another monetary policy easing to reverse the economic downturn. China Construction Bank shed 0.8 percent to 4.72 yuan. Bank of China gained 0.3 percent to 3.06 yuan.

Source:shanghaidaily