AFP
Tokyo
Asian markets were mixed yesterday as data showing China’s economy growing at its slowest pace in five years offset another positive lead from Wall Street.
After the wild swings of last week that were fuelled by global growth fears, Monday’s hefty advances across the region raised hopes shares were on a more even keel as the earnings season approaches.
But Tokyo slipped 2.03%, or 306.95 points, to 14,804.28 a day after clocking up a gain of almost four%, while Seoul shed 0.77%, or 14.78 points, to 1,915.28.
Shanghai dipped 0.72%, or 17.07 points, to 2,339.66.Hong Kong ended marginally higher, adding 18.32 points to 23,088.58.
Sydney ended up 0.11%, adding 5.6 points to 5,325.0.
In other markets, Taipei eased 0.10%, or 8.50 points, to 8,654.64; Taiwan Semiconductor Manufacturing Co closed 0.79% lower at Tw$125.0, while Hon Hai Precision Industry fell 0.32% to Tw$93.5.
Wellington rose 0.68%, or 35.24 points, to 5,233.12; Spark was up 1.21% at NZ$2.935 and Air New Zealand added 1.59% to NZ$1.86.
Manila rose 0.15%, or 10.50 points, to 7,068.03; Philippine Long Distance Telephone Co gained 1.13% to 3,208 pesos while Energy Development Corp added 1.32% to 7.70 pesos.
Bangkok closed flat, slipping 0.53 points to 1,526.14; coal producer Banpu fell 3.60%, or 1baht, to 26.75 while Airports of Thailand rose 1.79%, or 4baht, to 228baht.
Jakarta closed down 0.22%, or 11.19 points, at 5,029.34; car maker Astra International lost 1.52% to 6,500 rupiah, while Hero Supermarket rose 1.83% to 2,780 rupiah.
Kuala Lumpur fell 0.38%, or 6.92 points, to end at 1,796.22; SapuraKencana Petroleum shed 0.8% to 3.57 ringgit, while Public Bank lost 0.2% to 18.56. RHB Capital gained 0.5% to 8.52 ringgit.
Singapore closed up 0.68%, or 21.69 points, at 3,202.74; oil rig-maker Keppel Corp was 0.94% higher at Sg$9.70 and casino operator Genting Singapore dipped 0.95% to Sg$1.04.
Stocks surged on Monday in response to Friday’s Wall Street advance that was propelled by bargain-hunting and upbeat US corporate results.
However, another day of gains in New York was unable to give the same lift to Asia yesterday. The Dow rose 0.12%, the S&P 500 added 0.91% and the Nasdaq jumped 1.35%.
In Beijing, the National Bureau of Statistics said the economy grew 7.3% year-on-year in July-September, lower than the 7.5% expansion in the previous three months and the slowest since the 6.6% in the first quarter of 2009.
But it exceeded the median forecast of 7.2% in an AFP survey of 17 economists, and some analysts said upbeat industrial production figures suggested the slowdown may have bottomed out.
“The momentum of the economy bottoming out and stabilising is now relatively clear,” Ma Xiaoping, a Beijing-based economist for British bank HSBC, told AFP. “Currently there’s no risk of an accelerated slowdown.”
China is a crucial driver of world growth and any weakness fuels concerns about its knock-on effect for other countries, from the US to the eurozone to Australia.
On currency markets the dollar fell to ¥106.56 from ¥106.92 in New York and well below the ¥107.10 earlier Monday in Asia.
The euro bought $1.2819 and ¥136.61 against $1.2800 and ¥136.86.
Oil prices were mixed. US benchmark West Texas Intermediate for November delivery fell 31 cents to $82.40 a barrel and Brent crude for December added 95 cents to $85.35.
Gold was at $1,248.17 an ounce against $1,244.57 late Monday.
