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Asia-Pacific stocks down on economic data

Asia-Pacific stocks down on economic data

Asia-Pacific stocks edged down yesterday as China's massive AgBank IPO got off to a pedestrian start and sentiment about the U.S. and Chinese economies weakened.
In Shanghai, the Composite Index was down 0.21 percent, or 5.11 points, at 2,465.33, as shares in Agricultural Bank of China rose just 2.2 percent to 2.74 yuan in a high-profile debut seen as a barometer of Chinese economic vigour.
Hong Kong, where AgBank floats on Friday, was down 0.27 percent, or 55.24 points, at 20,505.57 mid-morning.
"The performance is weaker than expected. Many individual investors are in a rush to sell the stock around 2.72 yuan to make a profit as they are worried the stock will drop below the IPO price in the coming days," Shen Jun, strategist at BOC International (China) Ltd, told Dow Jones Newswires.
China announced that its economic growth had slowed in the second quarter as massive stimulus spending was scaled back and moves to rein in soaring property prices started to bite.
Japanese shares fell 1.03 percent by lunch as investors raked in profits after a rally the previous day and as fresh data showed a less rosy outlook for both the U.S. and Chinese economies.
The benchmark Nikkei index of the Tokyo Stock Exchange fell 100.57 points to 9,694.67, while the Topix index of all first-section shares dropped 1.40 percent, or 12.18 points, to 858.55.
Car makers headed south, with Toyota Motor down 1.7 percent and Nissan Motor down 2.2 percent. Nissan has suspended production at two U.S. plants for three days due to a parts supply problem, after already idling four plants in Japan.
Sydney's S&P/SX 200 was down 0.40 percent, or 18 points, at 4,444.4, with traders citing continued concerns about the U.S. economy despite positive earnings reports this week from Alcoa and Intel.
Singapore's Straits Times Index was flat at 2,951.07.
Gold opened at US$1,209.50-US$1,210.50 an ounce in Hong Kong, down from Wednesday's close of US$1,213.50-US$1,214.50.


Updated : 2021-06-19 02:39 GMT+08:00