Hong Kong Stocks End 0.94% Lower

Hong Kong stocks lost 0.94 percent Thursday after US data showed the world’s number one economy grew much slower than expected in the first three months of the year.

The benchmark Hang Seng Index fell 267.34 points to 28,133.00. Turnover was HK$ 170.86 billion ($ 22.05 billion). Shanghai ended 0.78 percent lower. Markets in Hong Kong and the mainland will be closed Friday for a public holiday.

The losses pared huge gains for both markets in April, which saw Hong Kong pile on almost 13 percent since the end of March as mainland investors picked up relatively cheap assets after a year-long rally more than doubled Shanghai’s value.

In mainland China the benchmark Shanghai Composite Index fell 0.78 percent, or 34.97 points, to 4,441.65 on turnover of 774.3 billion yuan ($ 126.6 billion).

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 0.57 percent, or 12.79 points, to 2,267.77 on turnover of 546.8 billion yuan.

Source: AFP

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Japan Stocks Fall as BOJ Refrains From Boosting Record Stimulus

Japanese stocks fell as the Bank of Japan refrained from boosting record stimulus and after the Federal Reserve kept interest rates on hold as data showed the world’s biggest economy barely grew last quarter.

Honda Motor Co. tumbled 6.7 percent and Shin-Etsu Chemical Co. slid 7 percent after reporting profit that missed estimates. Takeda Pharmaceutical Co. slumped 2.1 percent after saying it will pay $ 2.37 billion to resolve U.S. lawsuits accusing the company of hiding cancer risks from its Actos diabetes medicine. TDK Corp. gained 4 percent, the most on the Nikkei 225 Stock Average, after its dividend target beat estimates.

The Topix index lost 2.1 percent to 1,592.79 at the close in Tokyo, its biggest loss since Jan. 6, as it reopened after a holiday. All but two of its 33 industry groups fell. Volume on the measure was about 25 percent above its 30-day average. The Nikkei 225 dropped 2.7 percent to 19,520.01.

Source : Bloomberg

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