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Market Update

Asian Shares Add After China GDP

Asian markets were trading mostly higher Monday with Chinese equities leading the gains after growth data in the world's second-largest economy came in line with expectations.

At the time of writing, the Shanghai Composite rose 1.5%, the Hang Seng climbed 0.4% and the S&P/ASX All Ordinaries was up 0.2%.

Mumbai's Sensex, however, slipped 0.2% amid disappointing retail inflation and industrial production data.

Japanese markets remained closed for the Marine Day holiday.

In China, official data said the country's second quarter gross domestic product grew 7.5% on-year, down from 7.7% recorded in the first quarter. Although the figure came in lower than the previous quarter, it matched market expectations of a further slowdown.

Stocks on the Move

Commodity-linked stocks were among the top gainers in Hong Kong. Angang Steel bounced nearly 7% while Jiangxi Copper rose 3.2%.

Shanghai-listed Baoshan Iron & Steel Co. Ltd. added 1.7% while Aluminum Corp. of China gained around 2%.

Among oil firms in Hong Kong, China Petroleum & Chemical Corp. climbed 1.5%, PetroChina tacked on a percent while CNOOC traded flat.

Energy companies in Sydney, too, were trading little-changed. Santos and Woodside Petroleum were listless. Mining companies were mixed with leading miners BHP Billiton and Rio Tinto up 0.4% while Fortescue Metals Group down 0.9%.

Gold miner Newcrest Mining fell 3.6%. 

In Mumbai, rate-sensitive sectors pushed lower after high June retail inflation figures dashed hopes of an interest rate cut. Besides, dismal industrial production during May also weighed on sentiment.

Private lenders HDFC Bank and ICICI Bank slipped 1.3% and 0.6% respectively while state-run SBI lost 0.7%.

Auto stocks were also in the reverse gear-- Bajaj Auto backtracked 0.5%, Tata Motors and Maruti Suzuki skidded 0.4% each.