Mainland China and Hong Kong shares fell on Monday after data showed that the Chinese economy grew at its slowest pace during the third quarter of a year hurt by nationwide power shortages, supply chain issues and a property sector downturn.
China’s blue-chip CSI 300 index dropped 1.5% to 4,857.96 points while Hong Kong’s Hang Seng index fell 0.7% on Monday.
Official data showed China’s gross domestic product grew at a pace of 4.9% in the July-September quarter, missing market expectations of 5.2%.
Chinese property, financial stocks down
Property stocks fell in Hong Kong on Monday despite the Chinese central bank saying that it can contain the spillover effects of a potential Evergrande default on the nation’s financial sector.
Chinese financial stocks were also weak on Monday as China Merchant Bank emerged among the worst performers on the Hong Kong benchmark on Monday, down 2.7%. Agricultural Bank Of China fell 1.1% and Ping An Insurance Group Co of China lost over 2%.
Automobile sector at six-year high
Japan shares inched 0.2% lower on Monday with the benchmark Nikkei 225 index hovering above the 29,000 mark.
Pharmaceutical, foods and IT were the worst performing sectors, while energy, materials and automobile sectors gained most.
At the same time, the Topix-17 Automobile & Transport Equipment subindex rose 1.7% to hit its highest since 2015. Toyota Motor Corporation rose over 2% after the company announced on Friday that it expects to maintain its full-year production forecast of nine million units despite supply chain issues.
Aussie shares up
The Aussie mining sector led gains by rising about 1%. Gains in financials and energy stocks further overpowered losses in tech.
Meanwhile, South Korea’s KOSPI slid 0.3% as chip-maker SK hynix and battery manufacturer LG Chem both saw their share prices fall over 1%.
Malaysia shares highest since late April
In Southeast Asia, Malaysia’s FTSE Bursa Malaysia KLCI index rose 0.4% to hit its highest in over five months.
Markets in Bangkok and Ho Chi Minh City rose 0.3% and 0.7%, respectively.
Philippine shares were muted while Indonesian shares advanced 0.5%.