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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