The Asian markets concluded Wednesday’s trade mostly in green, after China reported the world’s second-largest economy grew in line with the government’s target. China’s stocks fell for the first time in four days as concern that new share sales will divert funds from existing equities overshadowed data showing economic growth topped estimates and June home sales surged. China’s economic growth accelerated for the first time in three quarters after the government sped up spending and freed up more money for loans to counter a property slump. Gross domestic product rose 7.5% in the April-June period from a year earlier, compared with the 7.4% median estimate. June industrial production and first-half fixed-asset investment exceeded projections.
China’s home sales rose 33% in June from the previous month as price cuts by developers lured buyers. The value of homes sold climbed to 591.2 billion yuan ($95 billion) last month from 446.1 billion yuan in May. That was the biggest monthly gain this year. The value of sales in the first six months fell 9.2% to 2.56 trillion yuan from a year earlier. Industrial production in China rose 9.2% in June from a year earlier, topping the 9% median estimate and 8.8% in May. Retail sales increased 12.4% from a year earlier, compared with the 12.5% median estimate. Fixed-asset investment excluding rural households increased 17.3% in the first half from a year earlier.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2067.28 | -3.08 | -0.15 |
Hang Seng | 23523.28 | 63.32 | 0.27 |
Jakarta Composite | 5113.93 | 43.11 | 0.85 |
KLSE Composite | 1886.71 | 1.84 | 0.10 |
Nikkei 225 | 15379.30 | -15.86 | -0.10 |
Straits Times | 3304.43 | 13.01 | 0.40 |
KOSPI Composite | 2013.48 | 0.76 | 0.04 |
Taiwan Weighted | 9484.73 | -84.44 | -0.88 |