Asian stocks plunge on China weaker data

(MENAFN– ecpulse)

Asian stocks dropped on Monday after China’s economic data showed that growth in the world’s second largest economy slowed in the fourth quarter, hurting sentiment. US markets are closed due to Martin Luther King Day

- The MSCI Asia Pacific Index fell 0.2% to 139.33 as of 13:20 in Tokyo

In Japan in benchmark index rose from a one week low as the yen hit a one-week low below against the dollar, but closed in red as Nintendo’s sharp losses weighed following believes it could post a third consecutive annual loss.

- Nikkei 225 closed 0.59% lower at 15641.68

- Topix closed 0.27% lower at 1293.86

China’s economy grew by 7.7% in the final three months of 2013 from the previous three months when the economy expanded by 7.8%, while factory production fell to 9.7% from 9.8% expected, the slowest expansion in five months.

- Shanghai Composite closed 0.68% lower at 1991.25

- Hong Kong’s Hang Seng closed 0.88% lower at 22928.95

In Australia stocks extended Friday’s losses led by financials while a private gauge of inflation showed consumer prices rose to 2.7% in December, the most in almost 3 years; in South Korea stocks reversed losses on a weaker won.

- The S&P/ASX 200 closed 0.20% lower at 5295.05

- New Zealand’s NZX 50 closed 0.07% lower at 4890.50

- Kospi closed 0.48% higher at 1953.78