Indexes in Hong Kong, Shanghai rise; Nikkei closed for holiday
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, +0.29% was last up 0.3% and the Shanghai Composite SHCOMP, +0.40% gained 0.4%, after both indexes started the trading day with losses ahead of the GDP report. South Korea’s Kospi 180721, -0.20% was about flat, while benchmark indexes in Taiwan Y9999, +0.48% , Singapore STI, -0.28% and Indonesia JAKIDX, +0.70% were mixed. Australia’s S&P/ASX 200 XJO, -0.65% was down 0.4%. Japan’s Nikkei was closed for a holiday.
Among individual stocks, PetroChina 857, -0.23% and New World Development 17, -0.48% fell in Hong Kong trading, along with Galaxy Entertainment 27, -0.36% . Chip maker SK Hynix 000660, +2.01% rose in South Korea, while LG Electronics 066570, -0.71% slipped. Taiwan Semiconductor 2330, +1.60% gained in Taiwan, while Beach Energy BPT, +0.77% and Westpac Banking WBC, -0.75% fell in Australia.