Asia-Pacific markets mixed; South Korea GDP grows slowest in year

People cross a street in Causeway Bay, Hong Kong.

Mark Fernandes | Nurphoto | Getty Images

Asia-Pacific stocks were mixed on Thursday as investors digest economic data from the region.

The Hang Seng Index led gains in the broader region, jumping more than 3% in early trade before paring gains to around 1.74%, boosted by tech stocks. The Hang Seng Tech index rose more than 4% at the start of the session and last rose 2.19%.

In Australia, the S&P/ASX 200 gained 0.55% and the Kospi added 1.52%. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 1.23%.

from Japan Nikki 225 was down 0.19% while the Topix lost 0.49%. Mainland China Shanghai Composite and the Shenzhen Component were slightly lower at the end of the morning session.

South Korea’s third-quarter GDP rose 0.3% from the previous quarter, according to preliminary official data – the slowest growth since the third quarter of 2021. China’s industrial profits from January to September fell 2.3% from a year ago, the National Bureau of Statistics reported.

The Bank of Japan begins its two-day monetary policy meeting on Thursday. In corporate news, Samsung Electronics reported third-quarter results after releasing estimates earlier this month.

Overnight on Wall Street, the Nasdaq fell 2.04% to close at 10,970.99. The S&P 500 fell 0.74% to 3,830.60. The Dow Jones Industrial Average gained 2.37 points, roughly flat for the day and ending at 31,839.11.

Leave a Comment

Your email address will not be published. Required fields are marked *