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

Shoppers at the shopping street in Hongdae district in Seoul, South Korea, on Saturday, July 2, 2022.

Woohae Cho | Bloomberg | Getty Images

Shares in the Asia-Pacific were mixed Thursday as investors digest economic data in the region.

the Hang Seng index jumped 2.6% in early trade, boosted by tech stocks, with the Hang Seng Tech index up more than 4%.

Mainland China’s Shanghai Composite inched 0.18% higher, and the Shenzhen Component was up 0.267%.

japan’s Nikkei 225 was slightly lower in early trade while the Topix lost 0.29%.

In Australia, the S&P/ASX 200 rose 0.46%. the Kospi added 0.7%, while the Kosdaq gained 0.57%.

The MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.51% higher.

South Korea’s third-quarter GDP grew 0.3% from the previous quarter, according to official advance data – the slowest growth since the third quarter of 2021. China is due to report industrial profits for September and the Bank of Japan begins its two-day meeting on monetary policy Thursday.

In corporate news, Samsung Electronics announced its third quarter earnings 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 shed 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Your email address will not be published.