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Asia-Pacific market mixed; South Korea’s GDP grows the slowest of the year

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

Woohae Cho | Bloomberg | Getty Images

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

The The Hang Seng Index jumped more than 3% in early trade before its gains eased to around 2.4%, boosted by tech stocks. The Hang Seng Tech index rose more than 4%.

Mainland China Shanghai composite inched 0.33% higher, and Shenzhen component was up 0.291%.

In Australia is S&P/ASX 200 rose 0.69% and Kospi added 1.53%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.55%.

Japanese Nikkei 225 was just below flatline while the Topix lost 0.35% – bucking the trend in the region.

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’s January-September industrial profits fell 2.3% from a year ago, the National Bureau of Statistics reported.

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

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

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