Asia: Upbeat GDP fails to inspire Nikkei
The Nikkei inched 0.2% higher on Monday despite data showing Japan’s economy grew at the strongest rate in over two years in the third quarter.GDP rose at an annual rate of 4.8% Cabinet Office figures showed in Tokyo, led by a recovery in domestic demand.
Weakness among banking stocks weighed on the index, with shares in Mitsubishi UFJ Financial down 4.3%, Mizuho Financial sliding almost 4% and Sumitomo Mitsui Financial losing out 6%. Mitsubishi UFJ is expected to announce a big share sale this week as it gears up for tighter capital rules.
Shares in Hitachi fell 8% after reports that it was looking to raise up to $4.6bn through a share and bond issue.
Among the gainers was Fast Retailing, which rose 3.5%.
The benchmark Nikkei 225 index closed up 20 points at 9,791 in Tokyo.
The Hang Seng rose 1.73% on Monday as US President Barack Obama starts his first state visit to China.
Stocks on the move included Zijin Mining, which rallied 3.6% in Hong Kong as the prices of gold advanced.
Banks did well with HBSC up 2.48%, ICBC rising 1.62% while Bank of China gained 1.04%.
The Hang Seng index closed 390 points higher at 22,944 in Hong Kong.
Indices
| Index | Value | % Change |
|---|---|---|
| Nikkei 225 | 9,791.18 | +0.21% |
| Hang Seng | 22,943.98 | +1.73% |
| Straits Times | 2,783.85 | +2.08% |
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