China stocks higher as GDP beats expectations

Chinese shares edged slightly up on Wednesday, as newly released GDP figures for the first quarter topped analysts' expectations.

The benchmark Shanghai Composite Index edged up 0.17 percent, or 3.52 points, to finish at 2,105.12. The Shenzhen Component Index increased 0.25 percent, or 18.76 points, to close at 7,468.46.

Combined turnover on the two bourses shrank to 159.16 billion yuan (25.84 billion U.S. dollars) from 190.03 billion yuan on the previous trading day.

China's economy expanded by 7.4 percent year on year in the first quarter, the National Bureau of Statistics announced.

The growth rate was slower than the 7.7-percent expansion in the final quarter of 2013, but was slightly higher than a market consensus estimate of 7.3 percent.

Cement producers were among Wednesday's strongest performers, with the sub-index rising 1.59 percent.

Anhui Conch Cement Company, a leading cement producer in China, rose 0.9 percent to 18 yuan per share, while China West Construction Group Co. surged by 10 percent, the most a share can rise in a trading day.

Industry heavyweights mainly closed the day higher.

China Shenhua, the largest coal miner in China, rose 0.62 percent. Industrial and Commercial Bank of China, the country's largest commercial bank, gained 1.16 percent, while China Vanke Co., the largest property developer, rose 1.42 percent.

Bucking the trend, the country's largest oil refiner Sinopec dropped 0.57 percent. Zhongjin Gold Corp., a leading gold miner, dropped 0.49 percent.