Shares end higher as data fail to surprise investors

Stock markets on the mainland advanced Monday as China's economic growth pace during the second quarter met market expectations.

The benchmark Shanghai Composite Index climbed 19.90 points, or 0.98 percent, to close at 2,059.39; while the Shenzhen Component Index rose 124.93 points, or 1.56 percent, to finish at 8,137.77.

China's GDP grew by 7.5 percent year-on-year between April and June, according to data issued Monday by the National Bureau of Statistics (NBS). Although Reuters reported that this figure was the second lowest for China since the onset of the global financial crisis, Chinese investors were able to take some comfort from NBS remarks that the domestic economy was still on track to reach the official target of 7.5 percent growth for the year.

Both markets opened higher Monday and advanced in early trading thanks to rallies in financial and property development stocks. Afternoon losses in several heavily weighted sectors narrowed early gains but left the markets with enough to end the day above the break-even mark.

Combined turnover at the two exchanges reached 203 billion yuan ($33.08 billion) Monday, down from Friday's 217.2 billion yuan.

Sectors with exposure to electronic communications and technology were among the day's biggest winners after Premier Li Keqiang encouraged information technology consumption to spur China's economic restructuring at a State Council meeting Friday. Both Fuchun Communications Co and Zhejiang Netsun Co broke through the 10-percent daily limit to end 14.28 yuan and 27.65 yuan respectively.

Premier Li's remarks encouraging the government to use new energy cars had a similar effect on automobile stocks. Liaoning SG Automotive Group Co hit the daily limit to end at 3.94 yuan.