Asia Pacific markets traded mixed on Thursday with Chinese mainland shares declining and South Korea reporting a decline in second-quarter Gross Domestic Product, largely due to a steep fall in exports.
Markets in Japan were shuttered for holiday.
In Hong Kong, the Hang Seng index regained 205.06 points, or 0.8%, to 25,263,
Stocks in Korea waned, as shares of firms like Samsung, LG, Posco, SK Hynix and Hyundai Steel sold off. Still, automakers like Hyundai Motor gained 5.1%, and Kia Motors traded up 2.5%.
South Korea’s central bank released advanced estimates of the country’s gross domestic product for the three months that ended in June.
Growth declined 3.3% for the quarter compared with the prior three months that ended in March and was down 2.9% from last year, Bank of Korea said. While private consumption rose 1.4% as people spent more on durable goods, exports dropped 16.6% due to declines in motor vehicles as well as coal and petroleum products.
Yonhap News reported that level of growth decline had not been seen in about two decades since 1998.
South Korea largely managed to avoid stringent nationwide lockdowns seen in other countries to curb the virus’ spread. Seoul imposed strict social distancing measures and conducted mass testing to identify infected individuals. Still, the country is facing a resurgence in cases with local media reporting that cluster infections were traced to a military unit and nursing homes.
Australian issues got back some strength, as the heavily weighted financials subindex finished up 0.2% while the energy sector added 1.2%.
The Australian dollar was up 0.18% and changed hands at $0.7151 against the U.S. dollar.
CHINA
In Shanghai, the CSI 300 docked 2.01 points to 4,712.44.
Tensions between Washington and Beijing escalated after the U.S. State Department abruptly ordered China to close its consulate in Houston, which drew condemnation from China’s foreign ministry as it warned of firm countermeasures if the U.S. does not reverse its decision.
In other markets
In Singapore, the Straits Times Index restored 17.82 points, or 0.7% to 2,612.35
In Korea, the Kospi lost 12.47 points, or 0.6%, to 2,216.19
In Taiwan, the Taiex index subtracted 60.23 points, or 0.5%, to 12,413.04
In New Zealand, the NZX 50 dropped 29.56 points, or 0.3%, to 11,693.41
In Australia, the ASX 200 recovered 19.43 points, or 0.3%, to 6,094.50.
