(Yicai Global) Oct. 19 -- China's mainland stock markets all ended lower today after the country’s economic growth turned out to be weaker than expected in the third quarter.

The Star 50 Index, which follows tech stocks on Shanghai’s Nasdaq-style board, led the declines, retreating 1.83 percent to 1,412.15, while the Shenzhen growth enterprises-tracking ChiNext Price Index was the second-worst performer. It fell 1.28 percent to 2,689.67.

Despite the country being the world’s first major economy to recover from the coronavirus pandemic, third-quarter growth fell short of market expectations.

GDP rose 4.9 percent in the three months ended September from a year earlier, according to data the National Bureau of Statistics released today. That missed the average 5.26 percent forecast from economists polled by Yicai Global and the 6 percent clip reported a year earlier.

GDP fell 6.8 percent in the first quarter, the first contraction since China began reporting quarterly figures in 1992, and rose 3.2 percent in the second quarter. The speedy pace of recovery has helped to fuel gains in the world’s second-largest stock market, which climbed to a record high of more than USD10 trillion last week.

The main equity benchmarks -- the Shanghai Composite Index and the Shenzhen Component Index -- slipped 0.71 percent and 0.82 percent respectively today.

Editor: Kim Taylor