The equity markets across the Asia Pacific (APAC) region were a mixed bag on the Monday morning, as Chinese industrial profits for May witnessed a slowdown.
In Mainland China, stocks were trading in the green during morning trade hours: the Shanghai Composite was hovering near the flatline – up 3 basis points – while the Shenzhen component gained 93 basis points. The data released on Sunday by the country’s National Bureau of Statistics showed profits at China’s industrial firms slowing down – as they rose 36.4% in May as compared with a year earlier. A month ago, in April, the industrial profits had grown 57% year-on-year.
In far east Japan, the Nikkei 225 in Japan was down by 11 basis points in the morning hours of trade while the Topix index hovered near flatline – down 4 basis points.
Australian stocks were also trading near flatline, as the ASX 200 slipped 8 basis points. Elsewhere, in Seoul, the KOPSI was down 14 basis points, while in Taipei, the Taiwan Weighted Index was down 41 basis points.
Meanwhile, Morgan Stanley Capital International’s Asia-Pacific shares traded 98 basis points higher.
In Hong Kong, however, the market’s opening for the week was delayed due to black rainstorm warning – signals are issued as a warning of heavy rain, which is likely to bring about flooding on the roads, leading to traffic congestion.
“If a Black Rainstorm Warning is cancelled at or before 12:00 noon, major products of HKEX’s securities and derivatives markets (including Stock Connect trading) will resume trading in the afternoon,” HKEX said in a release.