Asian Markets Give up Early Gains to Finish Mixed

By Investors Hub

Asian stocks gave up early gains to end mixed on Thursday as investors awaited Chinese GDP data for direction.

China’s Shanghai Composite Index climbed 31.24 points or 0.9 percent to 3,475.91 after data showed that China’s property market remained largely stable in December despite tough purchase restrictions. Hong Kong’s Hang Seng Index rose 138.53 points or 0.4 percent to 32,121.94.

Data released after the markets closed revealed that the Chinese economy grew an annual 6.9 percent in 2017, up from 6.7 percent in 2016.

Industrial output accelerated slightly in December, while retail sales slowed and fixed-asset investment remained unchanged, separate reports showed.

Japanese shares reversed early gains to end lower after a report showed Japan’s industrial production increased less than initially estimated in November.

The Nikkei 225 Index pulled back from a 26-year high to end 104.97 points or 0.4 percent lower at 23,763.37. The broader Topix closed 0.7 percent lower at 1,876.86.

While drugmakers, financials and property developers led the decliners, technology stocks such as Advantest and Tokyo Electron surged up around 3 percent each.

Australian shares finished marginally lower, dragged down by miners and energy stocks. The benchmark S&P/ASX200 Index edged down 1.20 points or less than a tenth of a percent to 6,014.60, while the broader All Ordinaries Index dipped 3.90 points or 0.1 percent to 6,130.40.

Oil and gas producer Woodside Petroleum shed 0.8 percent after reporting an 11 percent drop in full year output. Santos dropped 1.5 percent, while Beach Energy fell as much as 4.1 percent.

Mining giant BHP Billiton inched up 0.1 percent as it reported a 3 percent rise in second-quarter iron ore output. Smaller rival Fortescue Metals Group slipped 0.2 percent and South32 declined 2.6 percent.

Lender Australia and New Zealand Banking Group rose 0.6 percent after it reached a settlement with a corporate watchdog over suspected third party fraud.

On the economic front, Australia’s inflationary expectations remained unchanged in January, survey data from the Melbourne Institute showed, while employment figures for December jumped past expectations.