ASIA MARKETS
Asia-Pacific stocks higher as China reports third-quarter GDP jump; Alibaba shares in Hong Kong rise
PUBLISHED SUN, OCT 18 20207:36 PM EDTUPDATED 22 MIN AGO
Eustance Huang
@EUSTANCEHUANG
KEY POINTS
China’s third-quarter GDP grew 4.9% as compared to a year ago, according to data released Monday by the country’s National Bureau of Statistics.
Japan’s exports fell 4.9% as compared to a year earlier in September, according to trade statistics released by the country’s Ministry of Finance on Monday.
SINGAPORE — Stocks in Asia-Pacific rose in Monday morning trade, as investors reacted to the release of China’s GDP data.
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Mainland Chinese stocks were higher in morning trade, with the Shanghai composite up 0.67% while the Shenzhen component gained 0.517%.
China’s third-quarter GDP grew 4.9% as compared to a year ago, according to data released Monday by the country’s National Bureau of Statistics. That compared against expectations by Chinese economists of 5.2% GDP growth in the third quarter, according to an average of estimates compiled by Wind Information, a financial information database.
Meanwhile, retail sales in China rose 3.3% in September from a year earlier.
Asia-Pacific markets rise
Hong Kong’s Hang Seng index jumped 1.23% in morning trade, with shares of HSBC listed in the city gaining more than 2.5%.
Shares of Alibaba in Hong Kong rose more than 1%. The Chinese tech giant’s financial technology affiliate Ant Group has received approval from the China Securities Regulatory Commission for the Hong Kong leg of its anticipated listing, a source told CNBC.
Meanwhile, Sun Art Retail Group’s stock soared about 17% after Alibaba announced it agreed to acquire controlling stakes in the firm.
In Japan, the Nikkei 225 rose 1.1% while the Topix index added 1.33%.
Japan’s exports fell 4.9% as compared to a year earlier in September, according to trade statistics released by the country’s Ministry of Finance on Monday.
South Korea’s Kospi also advanced 0.82%.
Meanwhile, shares in Australia rose, with the S&P/ASX 200 up about 1.1%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.76% high
