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Asian stocks bounce back despite weak China's GDP numbers

Asian shares reversed early declines on Friday as China equities rebounded after government steps to support market confidence following figures showing Chinese economy grew at the slowest pace since 2009.

Photo: Reuters

The MSCI’s broadest index of Asia-Pacific shares inched up 0.05 percent after earlier sliding as much as 0.9 percent.

Japan’s Nikkei average dipped 0.7 percent, set for its third consecutive week of losses.

The Shanghai index gained 0.9 percent and the blue-chip index was 1.2 percent higher. Hong Kong's Hang Seng Index erased morning fall to trade 0.1 percent higher.

South Korea’s Kospi lost 0.7 percent, and Australia’s ASX 200 declined 0.3 percent. A weak Wall Street session had earlier spread to Asian region.

The Dow Jones Industrial Average dropped 1.27 percent, the S&P 500 closed down 1.44 percent and the Nasdaq Composite slumped 2.06 percent.

China’s economy grew 6.5 percent in the third quarter, its slowest pace since the global financial crisis and below forecasts, as the trade dispute with the United States hurt the economy.


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