July 16, 2014 / 7:05 AM / 4 years ago

China shares snap winning streak despite encouraging Q2 GDP data

HONG KONG, July 16 (Reuters) - China shares posted their first losses in four sessions on Wednesday, as investors rotated out of recent outperformers ahead of a new batch of initial public offerings (IPOs).

Investors largely shrugged off the announcement that China’s economy grew slightly faster than expected in the second quarter. Analysts said Beijing will likely need to offer further support to meet its growth target for 2014.

The Shanghai Composite Index was off 0.2 percent at 2,067.28 points, after earlier hitting a one-month high. The CSI300 of the leading Shanghai and Shenzhen A-share listings also ended down 0.2 percent after a choppy session.

China Shipbuilding Industry, a major index drag, dived 3.8 percent after closing on Tuesday at its highest since March 7.

The ChiNext Composite Index of startups in mainly nascent industries listed in Shenzhen sank 1.7 percent, extending a slide from a 4-1/2 month closing high last week. Investors are worried that interim results of some growth companies in the index may be below expectations. (Reporting by Grace Li; Editing by Richard Borsuk)

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