China's industrial production, which measures output at factories, workshops and mines and is a key indicator for the world's second-largest economy, accelerated to 9.7% YoY growth in July, a five month high, compared with 8.9% in June. Industrial production also increased 9.4% YoY over the first seven months of this year.
Chinese and Hong Kong market rose after data showing consumer prices in the China rose at a slower-than-expected rate in July, while Japanese shares inched up on buying in some beaten-down issues. Stocks in Australia fell down after Australia's central bank revised lower expectations for economic growth. Meanwhile weakness in the financial and retail sectors weighed on the New Zealand market. South Korean and Taiwanese market also ended lower. Stock market in India, Malaysia, Singapore and Indonesia closed for holiday.
Among country wise, Australian stock market ended lower on concerns over domestic growth outlook after central bank revised down its calendar 2013 forecast for economic growth to 2.25%. The benchmark S&P/ASX200 was down 9.6 points to 5055.2. The broader All Ordinaries fell 8.3 points to 5038.8.
The Reserve Bank of Australia, or RBA, revised down its calendar 2013 forecast for economic growth to 2.25% from a forecast in May of 2.5%. The lowering of expectations for the economy comes as a mining investment boom fades quickly and other parts of the economy like consumer spending and construction are slow to respond to a tonic of record low interest rates.
Japan share market ended higher for the first time in three sessions after zigzagging in and out of positive territory. The Nikkei Stock Average was ending slight 9.63 points higher at 13615.19. The benchmark index traded in the range of 227 points, touching an intraday gain of 1.1% and fall of 0.6%.
Investors were also buying stocks in Tokyo amid hope of a technical rebound following a plunge on Thursday. But gains on the upside were marginal as investors awaiting for Japan's preliminary GDP figures for the second quarter due on Monday.
Shares of MODEC Inc rose 3.1% to 2984 yen on upward revision of fiscal year profit forecast. MODEC has revised today the net income forecast to 122.83 million yen for first half of FY14 and to 140.06 million yen for the full FY14 ending December 31, 2013.
Shares of Olympus declined 2.1% to 2861 yen after posting disappointing June quarter results. The company posted a 16% decline in top-line to 159.23 billion yen. The net loss for the quarter was 1.83 billion yen against loss of 4.45 billion yen in previous corresponding period.
China stock market ended higher after recouping lost ground in late afternoon thanks to the release of positive factory output data. The Shanghai Composite Index closed 0.36% higher at 2,052.23. The benchmark index had fallen as low as 0.7% and risen 0.8% during the trade.
The advance in the Chinese market came after release of positive retail, manufacturing and mining data. China's industrial production, which measures output at factories, workshops and mines and is a key indicator for the world's second-largest economy, accelerated to 9.7% YoY growth in July, a five month high, compared with 8.9% in June. Industrial production also increased 9.4% YoY over the first seven months of this year. Meanwhile, Producer prices, or the price of goods once they leave factories, fell in July but at a slower rate than the month before. That was taken as a sign that demand may be strengthening following a prolonged slump. Producer prices dropped 2.3%, after witnessing a 2.7% slide in June. Chinese consumer price inflation had held steady at 2.7% year-on-year in July.
Hong Kong's shares ended higher in quiet trade with Hong Kong's Hang Seng Index rising 0.70% on Friday, August 09, 2013, on signs that a slowdown in China may be bottoming out.
Among the 50 HK blue chips, 34 rose and 15 fell, with one stock remaining steady. Sands China weakened by 1.4% to HK$42.25, while China Coal jumped 10.3% to HK$4.61, making themselves the biggest blue-chip loser and winner. Shares of Coal miners jumped amid expectations for rising prices, with China Coal Energy Co. rising 10.29% and China Shenhua Energy Co climbing 6.1%. Kunlun Energy Co added 3.6%, helped by Citigroup's upgrade of the stock's rating to buy.
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