chinese stocks

Chinese Stocks Skid Despite Upbeat Economic Data

On Monday, mainland Chinese stocks edged lower after the recent economic data surpassed the market estimates. 

The benchmark Shanghai Composite tumbled 0.29% or 10.22 points to $3,528.88 per share. 

At the bottom of the index, Guangdong Hec Technology sharply declined 10.03% or 0.17 points to $1.49 per share. 

Similarly, China Kings Resources Group plummeted 9.99% or 0.68 points to $6.09 per share. 

At the same time, Hunan Baili, an engineering consulting firm, slumped 9.98% or 0.31 points to $2.84 per share. 

Correspondingly, the Shenzhen Component Index fell 0.60% or 88.95 points to $14,616.42 per share. 

Then, Yuan Longping, a seller of seeds and seedlings, plunged 10.01% or 0.42 points to $3.77 per share. 

Likewise, power lithium batteries manufacturer Gotion High Tech. dropped 9.64% or 0.97 points to $9.05 per share. 

Correspondingly, Guangzhou Tinci Materials lowered 7.87% or 1.78 points to $20.89 per share. 

In Hong Kong, the Hang Seng index sank 0.08% or 20.63 points to $25,307.34 per share.

Its worst performer, property developer Country Garden dipped 5.67% or 0.46 points to $7.58 per share. 

Moreover, conglomerate firm Citic Pacific lost 2.96% or 0.02 points to $0.92 per share.

Also, automobile company BYD curtailed 2.67% or 1.05 points to $37.42 per share. 

The losses came in the Chinese stocks even though the domestic economic data posted better than expected. 

Accordingly, retail sales climbed to 4.90% year-over-year, surpassing the projected rate of 3.50%. 

Similarly, the industrial output reported 3.50% from the forecasted figure of 3.00%.

On a negative note for the stressed housing market, October house prices declined to 3.40% from the previous 3.80%.

Asia-Pacific Shares Mixed as Chinese Stocks Fell

Meanwhile, the rest of the Asia-Pacific shares struggled for direction, while South Korean shares led gains. 

In contrast to the move of Chinese stocks, KOSPI advanced 1.09% or 32.28 points to $3,001.08 per share. 

In Japan, the Nikkei 225 index improved 0.50% or 148.05 points to $29,758.02 per share. 

Then, the TOPIX index increased 0.35% or 7.07 points to $2,047.67 per share. 

Moreover, preliminary estimates reports showed that Japan’s gross domestic product decreased an annualized rate of 3.00% in the July-September quarter. 

In Australia, the S&P/ASX 200 index enhanced 0.36% or 27.10 points to $7,470.10 per share. 

In New Zealand, the S&P/NZX 50 index amplified 0.44% or 56.31 points to $12,964.46 per share. 

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.32% or 2.09 points to $656.27 per share. 

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