Chinese equities retreated 0.08 percent on Thursday to break a five-day rising streak -- after the government said the country's economy grew 6.1 percent in the first quarter, the slowest pace in a decade.

The first-quarter growth was roughly in line with economists' expectations, and the National Bureau of Statistics spokesman Li Xiaochao, who announced the figure, said there have been positive changes. However, economists warned the economic outlook may still be grave.

The benchmark Shanghai Composite Index dipped to 2,497.12 points, down 1.5 percent from the previous close, shortly after the figure was released.

The Shanghai index rebounded in the afternoon, led by heavyweighted bank shares. Bank of China rose 0.56 percent to 3.56 yuan, while Commercial Bank of China retreated 0.24 percent to 4.11 yuan at the closing. China CITIC Bank rose 2.46 percent to 5 yuan.

The index finished the day at 2,534.13 points, down 1.92 points from the previous closing. Gains outnumbered losses by 466 to 379 in Shanghai, while losses outnumbered gains by 388 to 333 in Shenzhen.

The Shenzhen Component Index lost 0.14 percent, or 13.23 points, to close at 9,711.36.

Combined turnover went slightly higher to 270.24 billion yuan (US$39.74 billion) from 268.93 billion yuan on the previous trading day.

Coal producers, real estate developers and oil producers posted broad losses. China Shenhua, the nation's largest producer, fell 3.11 percent to 24.63 yuan. China Vanke, the country's largest property developer by market value, lost 1.51 percent to 8.46 yuan.

PetroChina declined 0.67 percent to 11.81 yuan and Sinopec slipped by 1.13 percent to 9.66 yuan. The two are the largest oil producers of the country.

Shipbuilders gained the most on news that China may announce to build an aircraft carrier next week, according to a report by Changjiang Securities. China CSSC Holdings Limited rose 5.89 percent to 70.97 yuan.

(Xinhua News Agency April 16, 2009)