Hong Kong stocks eked out gains on Wednesday, returning to the advance after snapping an eight-day win streak on Tuesday. But the gains were capped after data showed China’s economic growth declined to a six-year low in the first quarter.
In Japan, the Nikkei 225 index ditched 38.92 points, or 0.2%, to 19,869.76.
In Hong Kong, the Hang Seng index regained 57.33 points, or 0.2%, to 27,618.82, after Tuesday’s loss of more than 450 points.
The biggest gainer, Alibaba Health Information Technology Ltd. soared 80.8%, after parent Alibaba Group Holding Ltd. said it would transfer its Tmall online-pharmacy business to Alibaba Health in exchange for $2.5 billion U.S. worth of shares and convertible debt.
After the deal, Alibaba Group’s stake in the health-care company would be set to increase to more than 50%, making it a consolidated subsidiary.
On the downside, online major Tencent Holdings Ltd. extended previous losses to decline 2.2%. Fellow index heavyweight China Mobile Ltd. also retreated, dropping 2.7%.
CHINA
The Shanghai CSI 300 slid 57.67 points, or 1.3%, to 4,380.51
Official data released Wednesday showed China’s gross domestic product grew 7% in the first quarter — the slowest pace since 2009.
Still, the figure matched forecasts in a Reuters survey and exceeded an estimated 6.9% increase in a Wall Street Journal poll. Meanwhile, industrial output and retail sales both recorded weaker-than-expected growth in March.
Mainland Chinese banks posted broad-based gains, with Industrial & Commercial Bank of China Ltd. jumping 4.9%, China Construction Bank Corp. climbing 4.4%, Bank of Communications Co. rising 4.3%, and Bank of China Ltd. higher by 3.6%.
In other markets
In Singapore, the Straits Times Index tacked on 18.87 points, or 0.5%, to 3,539.95
The Kospi index in Korea gained 8.24 points, or 0.4%, to 2,119.96
In Taiwan, the Taiex index tumbled 102.16 points, or 1.1%, to 9,540.06
In New Zealand, the NZX 50 moved downward 26.03 points, or 0.4%, to 5,856.08
In Australia, the S&P/ASX 200 dropped 38.13 points, or 0.6%, to 5,908.42
