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Singapore - Asian stocks swung between gains and losses as investors assessed China’s export and import data. Earnings results continue to flow through in Japan and Australia and parts of Southeast Asia.
China’s exports in July rose by 7.2% in dollar terms, missing economists’ estimates for 11% growth. Imports increased by 11%, short of the 18% expectation. Japan’s Topix index fell from an almost two-year high as SoftBank dropped after reporting earnings, overshadowing a gain in Sony following its inclusion in a government-backed stock index.
Investors may be taking some profits after yesterday’s “synchronised gains” and China’s trade data, said Jingyi Pan, a strategist at IG Asia. Export numbers not matching what the markets expected may cap today’s movement, she said.
The MSCI Asia Pacific Index rose 0.1% as of 17:10 in Hong Kong. For every 5 stocks that declined, about four gained.
Hong Kong stocks rose as automakers gained following Geely Automobile’s strong sales and amid optimism corporate earnings will benefit from a stabilising Chinese economy. China’s benchmark equity index closed 0.1% higher.
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