Asian shares mostly down after China data

Pedestrians are reflected on the electronic board of a securities firm in Tokyo, Jan. 16, 2014. Asian markets were mostly lower on Monday, after China released data showing the economy in 2013 recorded its slowest growth rate for more than a decade. AP PHOTO/KOJI SASAHARA

HONG KONG—Asian markets were mostly lower on Monday, after China released data showing the economy in 2013 recorded its slowest growth rate for more than a decade.

The losses came after a broadly negative lead from Wall Street, while Japanese gaming giant Nintendo briefly lost almost a fifth of its value following a forecast last week that it would see a net loss this fiscal year.

Tokyo fell 0.59 percent, or 92.78 points to 15,641.68, Sydney lost 0.21 percent, or 10.9 points, to close at 5,295.0 and Shanghai ended 0.68 percent, or 13.70 points, lower at 1,991.25.

Hong Kong closed 0.88 percent lower, giving up 204.40 points to 22,928.95.

However, Seoul rose 0.48 percent, or 9.30 points, to 1,953.78.

China said in the morning that its economy grew 7.7 percent last year, the same as 2012, which was the slowest since 1999. Gross domestic product expansion for the October-December quarter also came in at 7.7 percent, the National Bureau of Statistics said, from 7.8 percent in the previous three months.

The bureau said the economy “showed good momentum of stable and moderate growth” but it warned of “deep-rooted problems” including a mountain of local authority debt.

UOB Kay Hian analyst Fan Zhang told Dow Jones Newswires: “We see more downside pressure for China’s economic growth in 2014, mainly due to tight monetary policy, rising funding cost and slow recovery of demand.”

That was supported by Wendy Chen, Shanghai-based analyst for Nomura International, who told AFP: “Judging from the data, our outlook for 2014 remains that China’s economy will continue slowing down in the first half.”

In Japan Nintendo’s share price dived 18.43 percent at one point in response to its announcement Friday that it expects a loss of 25 billion yen ($240 million) in the year to March, reversing an earlier 55 billion yen net profit forecast. The firm managed to claw back some of the losses and ended down 6.14 percent.

The sell-off added to pressure on the Nikkei index as the yen also rose against the dollar and euro on speculation the Bank of Japan will maintain its easy money policy when its policy board meets this week.

Reports said officials will wait until they can gauge the effect of a sales tax due to be introduced in April.

In Tokyo the dollar bought 104.16 yen against 104.30 yen in New York Friday.

The euro bought $1.3541 and 141.06 yen compared with $1.3535 and 141.17 yen in US trade.

Investors were given a soft lead from Wall Street Friday after a mixed set of economic US data.

Official figures showed housing starts tumbled almost 10 percent in December from a five-year high seen in November. Separately, the Federal Reserve said industrial output rose 0.3 percent month on month in December, extending its streak of gains since July.

The Dow rose 0.25 percent but the S&P 500 fell 0.39 percent and the Nasdaq lost 0.50 percent.

In oil trade New York’s main contract, West Texas Intermediate for February delivery, was down 47 cents at $93.90 a barrel in afternoon trade. Brent North Sea crude for March dropped 21 cents to $106.27.

Gold fetched $1,254.61 at 1130 GMT compared with $1,241.24 late Friday.

In other markets:

— Mumbai rose 0.67 percent, or 141.43 points, to 21,205.05 points.

Multi Commodity Exchange of India rose 10.86 percent to 524.10 rupees and Aurobindo Pharma gained 6.31 percent to 409.25 rupees.

— Bangkok lost 0.42 percent, or 5.42 points, to 1,289.99.

Telecoms company Advanced Info Service fell 1.87 percent to 210 baht, while Airports of Thailand dropped 1.86 percent to 158 baht.

— Jakarta closed higher 0.44 percent, or 19.34 points, at 4,431.57.

Palm oil producer Astra Agro Lestari rose 3.95 percent to 21,700 rupiah, while car maker Astra International fell 1.44 percent to 6,825 rupiah.

— Kuala Lumpur’s main index lost 0.30 percent, or 5.42 points, to close at 1,807.59.

SapuraKencana Petroleum shed 2.4 percent to 4.56 ringgit, while financial firm CIMB Group Holdings fell 0.3 percent to 7.09. Infrastructure developer Gamuda gained 2.8 percent to 4.40 ringgit.

— Singapore closed 0.59 percent, or 18.54 points, lower at 3,128.79.

Singapore Telecom fell 0.85 percent to Sg$3.49 and United Overseas Bank tumbled 0.54 percent to Sg$20.38.

— Taipei rose 0.30 percent, or 25.56 points, to 8,621.56.

Hon Hai Precision was 1.67 percent higher at Tw$85.2 while Taiwan Semiconductor Manufacturing Co. closed unchanged at Tw$107.5.

— Wellington closed flat, edging down 3.45 points to 4,890.50.

Air New Zealand fell 0.6 percent to NZ$1.685 while software firm Wynyard Group surged 13.6 percent to NZ$2.84.

— Manila closed 0.31 percent higher, adding 18.51 points to 6,005.60.

BDO Unibank inched up 0.07 percent to 72.30 pesos, Philippine Long Distance Telephone added 0.60 percent to 2,694.00 pesos and Ayala Land rose 1.13 percent to 26.75 pesos.—Danny McCord