19.01.201523:19:02UTC+00Chinese stocks boost on GDP data after biggest loss since 2008

Chinese stocks recovered from their biggest loss since June 2008 in six years after GDP data released exceeded economist’s estimates in pace of growth.

The Shanghai Composite Index surged by 2% to 3,178.30 in early trade. In the previous trading session, the gauge plummeted by 7.7%, its largest drop in six years. Hong Kong’s Hang Seng China Enterprises Index rose by 2.2% while the Hang Seng Index added 0.6%. The CSI 300 Index boost by 1.4%.

Economic growth for China exceeded economist forecasts for the last quarter according to the latest Chinese data. Gross domestic product added 7.3% in the last quarter of 2014 which surpassed the estimate of 7.2%. This latest release is complementing the Chinese government target of a full-year expansion for Asia’s largest economy. It also suggests that stimulus efforts are bolstering demand.

Great Wall Motor Co. along with Qingdao Haier Co. climbed by at least 3% to become leaders in the advance of consumer companies. PetroChina Co. surged by 4.7%, recovering from a 9.2% plummet yesterday. Meanwhile, Haitong Securities Co. and Citic Securities Co. were unable to rebound, continuing yesterday’s decline and falling by at least 7% each.