Shanghai shares rise on GDP data, IPO delay

Shanghai stocks rallied this morning after statistics showed China's economy expanded 7.4 percent in the first quarter and the regulator hinted a delay in the resumption of initial public offerings.

The key Shanghai Composite Index gained 0.26 percent, or 5.46 points, to 2,107.06. Half-day turnover was 43.8 billion yuan (US$7.2 billion).

China's gross domestic product grew 7.4 percent year on year in the first quarter, data from the National Bureau of Statistics showed.

The growth moderated from 7.7 percent in the final quarter of 2013, but was higher than the market estimate of 7.3 percent.

The China Securities Regulatory Commission said today that the review of IPO applications will start later than expected as candidates have to update their financial documents.

The statement was in response to a rumor that the regulator would restart IPO review as soon as next week.

Founder Securities gained among brokerages after it posted a 96.7 percent increase in 2013 net profit. Haitong Securities added 1.7 percent to 9.97 yuan. CITIC Securities rose 1.4 percent to 11.87 yuan.