Hong Kong (CNN Business)Asian stocks mostly dropped Thursday after China reported economic data that was weaker than expected.
While China’s Shanghai Composite Index (SHCOMP) opened in the green, the index reversed its gains after the government’s report and was last down 0.1%.
Retail sales in China grew 7.2% in October compared to a year prior, below the 7.9% increase expected by analysts polled by Refinitiv. Industrial output, meanwhile, grew 4.7%, which was also weaker than anticipated.
“Downward pressure has continued to increase on the economy,” China’s national statistical authority said in a statement accompanying the data.
Hangzhou Hikvision Digital Technology, the world’s largest supplier of video surveillance products, sank 3.5% on the Shenzhen stock exchange. The company said Thursday that two senior executives were investigated by the country’s top securities regulator over alleged violations of disclosure rules.
Japan’s Nikkei 225 (N225) opened higher, but then lost 0.3% in morning trading after the world’s third largest economy reported a weaker-than-expected growth rate for the third quarter.
SoftBank’s Z Holdings, formerly Yahoo Japan, soared 16% in Tokyo after multiple media reports said the company is in talks to merge with messaging app operator Line Corp (LN).
South Korea’s Kospi Index (KOSPI) edged up 0.2%.