Asian stocks mostly close lower after Chinese GDP data

Stock markets in Asia and the Pacific closed mostly lower on Tuesday (17), after China disclosed that its Gross Domestic Product (GDP) grew by just 3% in 2022, less than half the rate of the previous year.

In Chinese markets, the losses were marginal: the Shanghai Composite index fell 0.10%, to 3,224.24 points, and the less comprehensive Shenzhen Composite index fell 0.03%, to 2,094.26 points.

Although China’s 2022 GDP was one of the worst in decades, amid the effects of restrictions implemented to combat Covid-19, fourth quarter results exceeded expectations.

Between October and December, the second largest economy in the world had an annual expansion of 2.9%, well above the high of 1.7% predicted by analysts.

Furthermore, Chinese industrial production and retail sales data for December were also better than expected.

Elsewhere in Asia, the Hang Seng index fell 0.78% in Hong Kong, to 25,577.64 points, and South Korea’s Kospi fell 0.85% in Seoul, to 2,379.39 points, ending a streak of nine positive trading sessions.

Japan’s Nikkei rose 1.23% in Tokyo, on the other hand, after suffering losses of more than 1% in each of the last two trading sessions amid fears that the Bank of Japan (BoJ) could tighten its monetary policy at the meeting. From this week. The BoJ’s decision will be known in the early hours of this Wednesday (18).

Also circumventing today’s negative bias, the Taiex ended the session in Taiwan with a slight increase of 0.04%, at 14,932.93 points.

In Oceania, the Australian stock exchange was slightly in the red, interrupting a sequence of four trading sessions of gains. The S&P/ASX 200 was down 0.03% in Sydney at 7,386.30 points.