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Asia shares mixed amid strong China GDP figures

Hyundai was down 1.95% after workers at the company voted to go on strike in reaction to a breakdown in wage negotiations.

 
Asia shares mixed amid strong China GDP figures

Asian stocks were mixed on Monday following the release of better-than-expected China’s second-quarter GDP and on bets that the Federal Reserve's policy will remain accommodative following lacklustre US data.

South Korea's Kospi was up 0.29% as the benchmark index edged away from the 2,430 level. Down under, the S&P/ASX 200 traded below the flat line, edging down by 0.13%. Hong Kong's Hang Seng Index rose 0.36%.

On the mainland, markets traded in negative territory following the release of second-quarter GDP data. The Shanghai Composite was down 1.45% and the Shenzhen Composite tumbled 2.9%.

Japan markets were closed for Marine Day.

China second-quarter GDP rose 6.9% on year, better than the 6.8% forecast by a Reuters poll. The Chinese government is aiming for annual GDP growth this year to come in around 6.5%.

Wall Street closed higher on Friday, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter.

In individual stocks in Asia, Hyundai was down 1.95% following news that unionised workers at the company had voted to go on strike in reaction to a breakdown in wage negotiations.

Hong Kong-listed gaming stocks traded in negative territory, with Wynn Macau down 4.6% and Melco International Development off 3.62%.

In currency news, the Australian dollar traded at $0.7824 at 10:18 a.m. HK/SIN after climbing for five straight sessions last week.

The dollar edged up after being dented by weaker-than-expected inflation data last Friday. The dollar index, which measures the dollar against a basket of currencies, traded at 95.165 at 10:18 a.m. HK/SIN.

Against the yen, the greenback was firmer at 112.62 after sinking last Friday. The dollar had traded around the 113 handle for most of last week.

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