Asian stocks mixed after China data
SEOUL, Korea, Republic Of — Asian stock markets were mixed on Friday as disappointing Chinese trade data dented already bleak investor sentiment following U.S. President-elect’s Donald Trump’s news conference.
KEEPING SCORE: Japan’s Nikkei 225 index gained 0.8 per cent to 19,287.28. Hong Kong’s Hang Seng index was up 0.4 per cent to 22,927.17. But China’s Shanghai Composite Index fell 0.3 per cent to 3,109.63 and South Korea’s Kospi fell 0.5 per cent to 2,076.79. Australia’s S&P/ASX 200 slumped 0.8 per cent to 5,721.10. Shares gained in Singapore and Indonesia but fell in Taiwan and the Philippines.
ANALYST’S TAKE: “A correction may have been due following the exuberance of the market reaction to the election of Trump,” said Alex Furber, a sales trader at CMC Markets. “Uncertainty lies ahead and market participants will want to see how the new administration takes shape.”
CHINA TRADE: Customs data showed that Chinese exports sank 6.1 per cent in December from a year earlier. In November, China’s exports eked out a 0.1 per cent expansion after shrinking for nine straight months. Imports rose 3.1 per cent from a year earlier.