Chinese GDP Data Fails To Lift HK, Shanghai Stocks

Hong Kong stocks ended the morning session slightly lower on Wednesday, a day after jumping more than one percent, while analysts suggested China's forecast-beating growth could see the country's leaders ease back on economic stimulus.

The Hang Seng Index fell 0.2 percent, to 30,062.

But on the mainland, the Shanghai Composite Index was flat at 3,253, while the Shenzhen Composite Index rose 0.4 percent, to 1,767.

Asian markets mostly rose Wednesday as data showed China's economy grew more than expected in the first three months of the year.

Observers put the uptick down to government stimulus including huge tax cuts and measures to make it easier for banks to lend.

"Overall, this confirms that China's economic growth is bottoming out and this momentum is likely to continue going into months ahead with [a] recent surge in credit growth and a possible agreement between the US and China on trade issues," said Tai Hui, chief market strategist for Asia-Pacific at JP Morgan Asset Management.

"From Beijing's perspective, this set of data should show that the policy reset in mid-2018 from de-leverage to growth support is starting to yield results."

Tokyo went into the break 0.3 percent higher, while Singapore gained 0.6 percent, with Wellington, Taipei and Manila all up.

However, Sydney eased 0.2 percent and Seoul slipped 0.1 percent. (AFP)

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