Stocks in Asia Pacific were lower on Thursday as investors reacted to a slew of Chinese economic data released earlier.
In Japan, the Nikkei 225 index faltered 175.14 points, or 0.8%, to 22,770.36.
Shares of Apple supplier Japan Display, however, soared 8.3%.
The Japanese yen traded at 107 per U.S. dollar after strengthening sharply from levels above 107.1 yesterday.
In Hong Kong, the Hang Seng index tumbled 510.89 points, or 2%, to 24,970.69
Korean issues plummeted as the Bank of Korea announced Thursday its decision to leave the base rate unchanged at 0.5%.
The Australian dollar changed hands at $0.6987 following a rise from levels below $0.696 seen earlier in the trading week.
CHINA
In Shanghai, the CSI 300 slid 228.22 points, or 4.8%, to 4,516.22.
China’s largest chipmaker SMIC saw its shares surge 245% at the open on its first day of trade in Shanghai on Thursday. The Shanghai-listed shares later pared some of those gains but still finished their trading day about 202% higher.
The contract semiconductor manufacturer is seen as an important player in China’s ambitions to become more self-sufficient when it comes to chips.
China on Thursday reported that the country’s GDP grew by 3.2% in the second quarter of this year as compared to a year ago. That was higher than expectations of a 2.5% growth in the April to June quarter by economists.
Meanwhile, retail sales in June fell 1.8% on-year, falling short of expectations of a 0.3% growth by analysts.
Economic data releases out of China have been watched by investors for clues on the country’s economic recovery from the coronavirus.
Geopolitical tensions may also have weighed on investor sentiment regionally, with U.S. Secretary of State Mike Pompeo saying Wednesday that the country will impose visa restrictions on Chinese tech firms, a move expected to strain relations between Washington and Beijing.
In other markets
In Singapore, the Straits Times Index stepped back 25.23 points, or 1% to 2,623.67
In Korea, the Kospi removed 18.12 points, or 0.8%, to 2,183.76
In Taiwan, the Taiex index dropped 45.11 points, or 0.4%, to 12,157.74
In New Zealand, the NZX 50 dipped 105.46 points, or 0.9%, to 11,505.06
In Australia, the ASX 200 handed back 42.06 points, or 0.7%, to 6,010.86.
