Financial markets are closed for long Easter weekend

PARIS, Friday

Leading financial markets around the world were closed on Friday for the long Easter weekend holiday, except the Tokyo and Shanghai stock markets.

The holiday period extends into Monday on most markets.

Shanghai shares ended flat on Friday on persistent fears about the world's number two economy, at the end of a week that saw the release of data showing growth slowed sharply in the first three months of the year.

The benchmark Shanghai Composite Index dipped 1.14 points to 2,097.75 on turnover of 72.6 billion yuan ($11.6 billion). The index fell 1.54 percent for the week.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.29 percent, or 3.13 points, to 1,089.36 on turnover of 76.2 billion yuan. It gained only 0.12 percent over the week.

Hong Kong was closed for the Easter holiday. China said on Wednesday the economy expanded 7.4 percent year on year in January-March.

While it was a touch up from the 7.3 percent tipped in a median forecast in a survey of 13 economists by AFP, it was sharply down from the 7.7 percent seen in the final three months of last year and the fourth slowdown in the past five quarters.

The NBS blamed the data on a slower-than-expected global recovery as well as economic structural reforms at home.

"The slowdown in the domestic economy will likely stay unchanged in the short term, pressuring first-quarter earnings of companies," BOC International analyst Shen Jun told AFP.

"The stock market will need fresh catalysts, or it could move down if companies resume IPO (initial public offering) activities," he said.

China's market regulator has not approved any IPO plans since late February, but investors worry the resumption of new share offers could cause a glut and soak up funds, analysts said.

Property developers fell after the government said growth in housing prices slowed in March.

China Fortune Land Development fell 3.46 percent to 27.89 yuan and Beijing Capital Development shed 1.03 percent to 4.80 yuan.

But environment-related stocks were up after state media cited authorities as saying nearly one fifth of the country's arable land was polluted.

Pollution control equipment maker Fujian Longking gained 2.41 percent to 29.71 yuan, while Zhejiang Feida Environmental Science & Technology rose 0.75 percent to 20.03 yuan.