Asian markets recovered from early losses Monday, as China posted its weakest quarterly GDP growth in at least 27 years.

Data on Monday showed the world’s second-largest economy expanded by 6.2% over a year earlier, down from the previous quarter’s 6.4%. The result was the slowest since the first quarter of 1992 when the earliest quarterly data was available, according to Dow Jones Newswires, and lower than the 6.3% median forecast from a Wall Street Journal poll of 14 economists.

Hong Kong’s Hang Seng Index

HSI, +0.24%

  was last up 0.3% and the Shanghai Composite

SHCOMP, +0.76%

  gained 0.4%, after both indexes started the trading day with losses ahead of the GDP report. South Korea’s Kospi

180721, -0.01%

  was about flat, while benchmark indexes in Taiwan

Y9999, +0.32%

 , Singapore

STI, -0.06%

  and Indonesia

JAKIDX, +0.64%

  were mixed. Australia’s S&P/ASX 200

XJO, -0.37%

  was down 0.4%. Japan’s Nikkei was closed for a holiday.

Among individual stocks, PetroChina

857, -1.64%

  and New World Development

17, -0.48%

  fell in Hong Kong trading, along with Galaxy Entertainment

27, -0.27%

 . Chip maker SK Hynix

000660, +1.47%

  rose in South Korea, while LG Electronics

066570, -0.85%

  slipped. Taiwan Semiconductor

2330, +1.40%

  gained in Taiwan, while Beach Energy

BPT, +0.13%

  and Westpac Banking

WBC, -0.71%

  fell in Australia.

Source link

2019-07-14