Lower growth target drags down mainland, HK stocks

Chinese mainland stocks declined as the country's leader hints at an economic 11-year-low growth target.

The benchmark Shanghai Composite Index fell by 0.95 percent or 31.06 points to 3,248.48 points on Thursday. The Shenzhen Component Index declined by 0.76 percent or 88.69 points to 11,566.39 points.

The CSI 300 Index of the biggest companies traded in Shanghai and Shenzhen dropped by 0.98 percent or 34.48 points to 3,496.34.

Total turnover on the two bourses was 741.44 billion yuan ($118.23 billion), up from Wednesday's 685.08 billion yuan.

Premier Li Keqiang on Thursday said China would target a growth rate of around 7 percent, the lowest in 11 years.[Special coverage]

Thursday's decline was led by shares linked with electricity, banking, aviation and aerospace, which all fell more than 2 percent on average.

Bank of China declined by 2.81 percent and GD Power Development Co shed 3.40 percent to 3.69 yuan on Thursday.

Bucking the trend, transportation, pharmaceutical and new-energy companies gained.

Well Lead Medical Co and BYD Co soared by the daily limit of 10 percent to 29.52 yuan and 57.19 yuan, respectively.

ChiNext, the country's NASDAQ-style board for high-tech and emerging start-ups, inched up by 0.25 percent or 4.96 points at 2,014.79 points, a record high, on Thursday.

In Hong Kong, the Hang Seng Index closed down by 1.11 percent or 272.34 points at 24,193.04 points.