Asian markets recovered from early losses Monday, as China posted its weakest quarterly GDP growth in at least 27 years.
Data on Monday showed the world’s second-largest economy expanded by 6.2% over a year earlier, down from the previous quarter’s 6.4%. The result was the slowest since the first quarter of 1992 when the earliest quarterly data was available, according to Dow Jones Newswires, and lower than the 6.3% median forecast from a Wall Street Journal poll of 14 economists.
Hong Kong’s Hang Seng Index HSI, +0.14% was last up 0.3% and the Shanghai Composite SHCOMP, +0.39% gained 0.4%, after both indexes started the trading day with losses ahead of the GDP report. South Korea’s Kospi 180721, -0.16% was about flat, while benchmark indexes in Taiwan Y9999, +0.41% , Singapore STI, -0.05% and Indonesia JAKIDX, +0.83% were mixed. Australia’s S&P/ASX 200 XJO, -0.50% was down 0.4%. Japan’s Nikkei was closed for a holiday.
Among individual stocks, PetroChina 857, -1.17% and New World Development 17, -0.48% fell in Hong Kong trading, along with Galaxy Entertainment 27, -0.98% . Chip maker SK Hynix 000660, +2.28% rose in South Korea, while LG Electronics 066570, -1.13% slipped. Taiwan Semiconductor 2330, +1.20% gained in Taiwan, while Beach Energy BPT, +0.26% and Westpac Banking WBC, -0.45% fell in Australia.
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