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Asian equity markets kicked off Wednesday trade mostly higher but the mood was cautious as investors digested a deluge of Chinese economic data.
Hong Kong’s benchmark Hang Seng Index was little changed, hovering along the flat line. BOC Hong Kong rallied over 3 percent after announcing it plans to sell 100 percent of its stake in subsidiary Nanyang Commercial Bank for $8.8 billion, which is reportedly Hong Kong’s largest sale to date.
Japan’s benchmark Nikkei index rose to its highest level since July 3, extending gains into a third session, despite a slightly stronger currency. The yen moved off Tuesday’s two-week low of 123.72 per dollar in early trade.
South Korean shares rose to a more than one-week high, tracking Asia-wide gains, despite mixed economic data. June exports dropped 2.4 percent on year, coming in worse than expected, while imports tumbled an annual 13.6 percent. Meanwhile, the country’s unemployment rate was steady in May.
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