Asia report: Shares mixed as investors mull Australia GDP, India election

5th Jun 2024 08:03

(Sharecast News) - Asia shares were mixed on Wednesday as investors assessed the Indian election result, Australian GDP figures which showed slight growth in the first quarter, and private sector services survey data from China.

There was also data overnight which showed US job openings fell more than expected in April to the lowest level in more than three years.

Australian shares closed higher, with the S&P/ASX 200 benchmark up 0.4% at 7,7769.0 points. Data from Australian Bureau of Statistics showed gross domestic product rose 0.1% in the March quarter, just under market forecasts of 0.2%, as high borrowing costs and elevated inflation curbed consumer spending.

The data allayed immediate fears of a rate rise from the country's central bank.

In China, the Shanghai Composite Index fell 0.83% to 3,065 as services activity in May accelerated at the quickest pace in 10 months while staffing levels expanded for the first time since January, the Caixin private sector survey showed.

In India, the ruling Bharatiya Janata Party lost its parliamentary majority for the first time in a decade and had to depend on regional allies to get the required 272 seat majority to run the world's largest democracy.

The BSE index was up 2% to 73,534, while the Nifty 50 gained 1.87% to 22,294, having fallen nearly 6% on Tuesday, as foreign investors took flight.

In Japan the Nikkei 225 fell 0.88 to 38,462, while in Hong Kong the Hang Seng index was down 0.17% to 18,415 and South Korea's Kospi rose 1.29% to 2,532.

Reporting by Frank Prenesti for Sharecast.com