Japanese and South Korean shares fell Wednesday while stocks in Shanghai and Hong Kong rebounded in volatile trading after China reported an unexpected decline in exports.
Japan’s Nikkei Stock Average ended the day
0.4% lower, while South Korea’s Kospi lost 0.3%. Both were pressured
after China reported a 3.1% year-on-year drop in June exports and a 0.7%
contraction in imports, against expectations of an increase.
China is a major trading partner and an exports destination for a number of Asian countries.
Meanwhile, Australia’s S&P/ASX 200 added 0.4%, and in Hong Kong afternoon trading, the Hang Seng Index rose 0.6%, after each was more than 1% earlier in the day.
The Shanghai Composite erased early losses to end the day 2.2% higher.
Stock gains in Hong Kong were underpinned by Chinese banks
Wednesday, while the property, financial and mining sectors led the
advance in mainland stock markets.
The Hong Kong-traded shares of China Construction Bank
Corp. and Industrial & Commercial Bank of China Ltd. rose 1.7%
each.
In Shanghai, Poly Real Estate Group Co. jumped 5.4%, China Coal Energy Co. rose 3% and Citic Securities Co. advanced 3.3%.
Several energy shares gained as U.S. benchmark oil prices ended at their best level in 14 months.
Following those gains, Santos Ltd. climbed 1.8%, and
Woodside Petroleum Ltd. rose 0.4% in Sydney, while PetroChina Co.
added 1.5% in Hong Kong afternoon trading.
Australian miners rose after aluminum producer Alcoa Inc.
played down concerns about a slowdown in China, and as gold prices rose
for a second day.
BHP Billiton Ltd. and Rio Tinto Ltd. rose 0.7% each, and Alumina Ltd. rallied 3.9%.
The losses in Japan and South Korea came a day ahead of monetary-policy decisions by their respective central banks.
In Tokyo, some technology shares retreated after recent
advances, with Trend Micro Inc. losing 1.2%, and Toshiba Corp.
shedding 1.4%.
Shares of retailer Aeon Co. gained 1.4% after reporting an increase in its quarterly profits.
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