Asian markets rose on Monday, with Hong Kong leading the region higher, while Japanese stocks were weighed by the release of disappointing growth numbers.
Hong Kong’s Hang Seng Index added 1.2% and the Shanghai Composite rose by 0.3%, after Chinese bank loans jumped more than expected in January, with financial institutions issuing 1.32 trillion yuan ($217.6 billion) worth of new loans last month. Although Chinese banks typically make more loans at the beginning of the year, it was interpreted by the market that demand in the economy is strong.
The Nikkei was up 0.2% after data released early in the session showed that Japan’s economy grew less than expected in the final three months of 2013. Gross domestic product expanded at an annualized rate of 1% in the final quarter of last year, lower than the 2.8% increase expected by economists.
The yen started to strengthen when the data was released, up to ¥101.40, before corrected.
Australia’s S&P/ASX 200 added 0.4%, South Korea’s Kospi gained 0.4% and Singapore’s Straits Times Index rose by 0.6%.
In Japan, shares in the country’s largest online retailer Rakuten dropped 9.2% after the firm said it is paying $900 million to buy Viber Media, a Cyprus-based maker of messaging and calling applications. Viber will bring 300 million of its users to Rakuten’s global network of 200 million, the Japanese company’s chief executive said on Friday.
China Citic Bank Corporation Ltd advanced 1.5%, China Merchants Bank Co. jumped 2.5% after it said it earned more than 51.8 billion yuan in 2013, up more than 14% from the previous year.
China Minsheng Banking Corp. gained 2.5%, Industrial & Commercial Bank of China Ltd. and Agricultural Bank of China Ltd. rose 1.5% each, and Bank of China Ltd. moved up by 1.3%.
In Sydney, Australia’s earning season rolled on as shares of Aurizon Holdings rose 1%. Although the rail freight operator reported that its profits fell 39% in the first-half of the fiscal year, the market focused on an increase in the company’s interim dividend.
The country’s largest bank by market value also weighed on shares, as Commonwealth Bank of Australia fell 2.2% after the company’s stock went ex-dividend.
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