Asian markets mostly rose on Wednesday after data showed China's
economy grew more than expected in the second quarter, although Shanghai
and Hong Kong sank on fears the news will likely put off any fresh
growth-boosting measures.
Investors are also awaiting testimony
later in the day from US Federal Reserve chief Janet Yellen on the
bank's plans for hiking interest rates.
Tokyo stocks edged up 0.38% to close at 20 463.33, while Sydney climbed 1.05% to close at 5 636.2.
Seoul gained 0.66% to end at 2 072.91.
But Shanghai sank 3.03% to 3 805.70 and Hong Kong dropped 0.25% to end at 25055.76.
China's National Bureau of Statistics said the world's number two economy expanded 7.0% year on year in April-June, the same as the previous three months and better than the median forecast of 6.9% in an AFP survey of 14 economists.
The data follows a slew of disappointing results that have led to a series of measures - including four interest rate cuts since November - to shore up stumbling growth.
Bernard Aw, a Singapore-based strategist at IG Asia, told Bloomberg News: "The GDP numbers are really good. The better-than- expected GDP reading suggested that Beijing may take its foot off the pedal on more stimulus measures for the time being. This will affect sentiment in the stock market."
In other markets:
- Wellington rose 0.96% to 5 805.96.
Fletcher Building was up 1.12% at NZ$8.12 and Spark lifted 0.88% to NZ$2.865.
- Taipei edged up 0.14% to end at 9 054.20.
- Manila closed 0.27% higher at 7 559.04.
BDO Unibank gained 0.95% to 105 pesos while Alliance Global Group added 0.67% to 22.45 pesos.
Tokyo stocks edged up 0.38% to close at 20 463.33, while Sydney climbed 1.05% to close at 5 636.2.
Seoul gained 0.66% to end at 2 072.91.
But Shanghai sank 3.03% to 3 805.70 and Hong Kong dropped 0.25% to end at 25055.76.
China's National Bureau of Statistics said the world's number two economy expanded 7.0% year on year in April-June, the same as the previous three months and better than the median forecast of 6.9% in an AFP survey of 14 economists.
The data follows a slew of disappointing results that have led to a series of measures - including four interest rate cuts since November - to shore up stumbling growth.
Bernard Aw, a Singapore-based strategist at IG Asia, told Bloomberg News: "The GDP numbers are really good. The better-than- expected GDP reading suggested that Beijing may take its foot off the pedal on more stimulus measures for the time being. This will affect sentiment in the stock market."
In other markets:
- Wellington rose 0.96% to 5 805.96.
Fletcher Building was up 1.12% at NZ$8.12 and Spark lifted 0.88% to NZ$2.865.
- Taipei edged up 0.14% to end at 9 054.20.
- Manila closed 0.27% higher at 7 559.04.
BDO Unibank gained 0.95% to 105 pesos while Alliance Global Group added 0.67% to 22.45 pesos.
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