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Asian equity markets were mixed on Monday as investors digested key data from the world’s second-biggest economy.
But volumes in the region were light with Hong Kong, Taiwan and South Korea shut for the Mid-Autumn Festival.
Chinese industrial profits declined 8.8 percent on year in August, worse than July’s 2.9 percent fall, the National Statistics Bureau announced at the market open.
For the first eight months of the year, profits slid 1.9 percent as forty-two straight months of tanking producer prices erodes earnings growth.
China’s benchmark Shanghai Composite index extended losses, hitting its lowest level in over a week, after closing down nearly 2 percent on Friday. Meanwhile, the Shenzhen Composite inched down 0.1 percent.
Japanese shares fell as much as 1.5 percent in early trade, losing ground after a near 2 percent rally on Friday.
Posted in: Indian Market Tips
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