Most Asian stock markets gained today after major Wall Street indexes hit new highs and China reported unexpectedly strong economic growth.
Hong Kong’s Hang Seng gained by 0.58 percent, or 152.77 points, at 26,542.00 by the break. Seoul’s Kospi added 0.3 percent at 2,322.80. The Shanghai Composite Index lost 1 percent ao 3,189.10. Japanese markets were closed for a holiday. Australia’s S&P-ASX 200 was unchanged at 5,762.90. Benchmarks in Taiwan, Singapore and Manila also advanced
Gains by big technology and health care companies pushed U.S. stocks higher for a third day, lifting the Standard & Poor’s 500 index, Dow Jones industrial average and Russell 2000 index of smaller-company stocks to record highs. Energy companies helped lift the market as crude oil prices rose. High-dividend stocks such as real estate companies and utilities also posted big gains following a drop in bond yields. Investors brushed off a report showing U.S. retail sales declined in June and drew encouragement from data indicating industrial production rebounded. The S&P 500 index gained 0.5 percent to 2,459.27. The Dow rose 0.4 percent to 21,637.74. The Nasdaq composite added 0.6 percent to 6,312.47. -AP