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Market Update

Asian Markets End Higher

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

The Shanghai Composite rallied 1%, the Hang Seng climbed 0.1% and the S&P/ASX All Ordinaries gained 0.2%.

Mumbai's Sensex pared early losses and finished up0.3%. 

Japanese markets remained closed for the Marine Day holiday.

In China, official data showed 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 8% while Jiangxi Copper rose 2.3%.

Shanghai-listed Baoshan Iron & Steel Co. Ltd. and Aluminum Corp. of China gained around 1% each.

Among oil firms in Hong Kong, China Petroleum & Chemical Corp. gave up early gains and slipped 0.6%, PetroChina also gave up 0.7% while CNOOC eased 0.4%.

Energy companies in Sydney, Santos and Woodside Petroleum were little-changed. Mining companies were mixed with leading miner BHP Billiton slipped 0.2% and Rio Tinto was flat while Fortescue Metals Group erased 1.1%.

Gold miner Newcrest Mining fell 3.8% while Persues Mining slumped 2.9%.

In Mumbai, stocks bounced back after a weak opening as defensive plays gained ground.
Telecom giant Bharti Airtel added 3.2%, FMCG leader Hindustan Unilever added over 2% while drug maker Cipla improved 0.7%.

Other top gainers included metal players Hindalco Industries and Sterlite Industries (up 3.7% and 3.3% respectively) and auto firms Mahindra & Mahindra (+2.5%) and Bajaj Auto (+2.1%).

Banks also clawed back earlier losses. SBI climbed 1.2%, while HDFC Bank and ICICI Bank finished just above the flatline.