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Asian stocks down after China GDP data

by Himanshu Singh on Jan 20, 2014 at 03:14

Asian stocks down after China GDP data

Asian stocks fell on Monday in morning trade, led by Nintendo Co., after the release of data on China’s factory output and gross domestic product.

The MSCI Asia Pacific Index dropped 0.2% to 139 as of 10:23 a.m. in Tokyo. China’s Shanghai Composite Index slipped 0.2%. The Hang Seng China Enterprises Index of mainland companies traded in Hong Kong slid 1%, while the city’s benchmark Hang Seng Index lost 0.4%.

Japan’s Topix index both dropped 0.2%. Australia’s S&P/ASX 200 Index decreased 0.5% and New Zealand’s NZX 50 Index lost 0.3%. South Korea’s Kospi added 0.2% and Taiwan’s Taiex index rose 0.1%. Singapore’s Straits Times Index fell 0.5%.

In corporate news, Nintendo plunged 12% in Tokyo, the biggest decliner on the regional benchmark index, after the maker of Wii video-game consoles forecast a surprise full-year loss.

Woodside Petroleum Ltd. (WPL), Australia’s second-largest oil producer, slipped 1.1% as crude futures fell.

Ssangyong Motor Co. jumped 4.5% after controlling shareholder Mahindra & Mahindra Ltd. announced plans to invest 1 trillion won ($939 million) in the South Korean carmaker.

In economic news, China’s economy expanded 7.7% in the fourth quarter from a year earlier, the National Bureau of Statistics said today, beating estimates by analysts.

Industrial production jumped 9.7% in December from a year earlier, the report showed. Retail sales last month rose 13.6% from a year earlier, in line with estimates.

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