By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) -- Chinese stocks climbed Friday after
data showing consumer prices in the country rose at a
slower-than-expected rate in July, while Japanese shares inched up
on buying in some beaten-down issues.
Hong Kong's Hang Seng Index rose 0.7%, the Shanghai Composite
climbed 0.4% and Australia's S&P/ASX 200 pared early losses to
end 0.2% lower.
Official data released Friday showed July consumer prices in
China rose 2.7%, matching the rate in June but slightly weaker than
expectations. Producer prices dropped 2.3%, after witnessing a 2.7%
slide in June. July industrial production accelerated to grow 9.7%
from a year-earlier, compared with 8.9% in June.
"After all the conjecture over the past month, the latest batch
of Chinese economic data was mildly ahead of economist forecasts,"
said Savanth Sebastian, an economist at CommSec.
"The good news is that the latest readings don't suggest that a
hard landing is on the cards. ... If more stimulus is required, the
central bank is well placed to wade in with additional liquidity,
with inflation well contained," he added.
Meanwhile, Japan's Nikkei Stock Average edged up 0.1% after a
choppy session, while South Korea's Kospi slid 0.2%.
Most of the major regional markets ended the week deep in the
red. Japan's Nikkei tumbled 5.9% during the week, while the
Australian and Hong Kong benchmarks lost between 1% and 2%. China's
Shanghai Composite defied the trend, gaining 1.1% during the
week.
Major movers
Coal miners jumped in Hong Kong amid expectations for rising
prices, with China Coal Energy Co. (CCOZY) soaring 10.3% and China
Shenhua Energy Co. (CSUAY) climbing 6.1%.
Kunlun Energy Co. (CNPXF) added 3.6%, helped by Citigroup's
upgrade of the stock's rating to buy.
In Shanghai, China Shenhua Energy Co. rose 0.3% and Datong Coal
Industry Co. added 1.4%.
In Tokyo on Friday, shares of Mitsubishi Material Corp. (MIMTF)
climbed 9.6% after its results Thursday.
Adding to the gains, Softbank Corp. (9984.TO) gained 1.1%, and
Trend Micro Inc. (TMICY) added 2.2% to recover some recent
losses.
On the downside, Nikon Corp. (NINOY) plunged 14.3% after its weak fiscal first-quarter results.
In Sydney, diversified miner BHP Billiton Ltd. (BHP) gained
1.8%, and rival Rio Tinto Ltd. (RIO) added 1.3%, while gold company
Newcrest Mining Ltd. (NCMGF) leapt 2.3%.
But losses in the financial and retail sectors weighed on the
market, with Australia & New Zealand Banking Group (ANZBY)
losing 0.5%, and Wesfarmers Ltd. (WFAFY) shedding 0.6%.
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