Asian Stocks Mixed Despite China's Positive GDP Surprise
Asian markets moved mixed on Tuesday despite China’s GDP data surprising with a more than expected growth in the first quarter. The Chinese economy grew 4.5 percent in the first quarter versus 2.9 percent in the previous period and expectations of a growth of 4 percent. Anxieties about global growth and monetary tightening dampened sentiment.
China’s Shanghai Composite Index rose 0.23 percent to 3,393.33. The day’s trading ranged between 3,375.78 and 3,396.17. The Shenzhen Component Index gained 5 points or 0.04 percent to close at 11,860.40.
The Japanese benchmark Nikkei 225 gained 144 points or 0.51 percent to end trading at 28,658.83. The day’s trading range was between 28,520.76 and 28,698.22.
Chiba Bank topped with gains of 3.4 percent. Terumo Corp, Nissui Corp, Takashimaya Co and Trend Micro, all gained more than 2 percent.
Advantest Corp was the biggest laggard with an overnight decline of more than 3 percent. Tokyo Electron, Impex Corp, Dainippon Screen Mfg Co, all declined more than 2 percent.
The Hang Seng Index of the Hong Kong Stock Exchange dropped 132 points or 0.63 percent from the previous close to finish trading at 20,650.51. The day’s trading range was between a high of 20,742.39 and a low of 20,559.08.
Korean Stock Exchange’s Kospi Index lost 5 points or 0.19 percent to close trading at 2,571.09. The day’s trading range was between 2,557.19 and 2,582.23.
Australia’s S&P/ASX200 closed trading at 7,360.20 after dropping 21 points or 0.29 percent.
Telix Pharmaceuticals surged 12.7 percent after reporting strong revenue growth. Core Lithium rallied 6.5 percent after it reported a significant increase in the mineral resource estimate for the Finniss lithium operation. Pilbara Minerals gained 4.2 percent. Allkem also added close to 4 percent. A2 Milk Company gained 2.8 percent.
Lithium producers Sayona Mining and Lake Resources both dropped more than 9 percent. Lendlease Group, Capricorn Metals and Domain Holdings Australia, all declined more than 2 percent.
The NZX 50 of the New Zealand Stock Exchange shed 52 points or 0.44 percent to close at 11,884.10. Trading ranged between 11,868.41 and 11,936.15.
A2 Milk Company topped with gains of 3.2 percent, followed by software business Vista Group International that rallied 2.3 percent. Banking business Heartland Group Holdings, software business Serko and Tourism Holdings, all gained more than 1 percent.
Agribusiness Scales Corporation, software business EROAD and Restaurant Brands NZ declined more than 3 percent. Vector and Summerset Group Holdings declined more than 2 percent.
Wall Street had closed on a positive note on Monday amidst upbeat earnings updates. The Nasdaq Composite gained 0.28 percent to close at 12,157.72 whereas the Dow Jones Industrial Average added 0.30 percent to finish trading at 33,987.18.
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