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Asian shares mixed despite strong US growth | Asian shares mixed despite strong US growth |
(about 1 hour later) | |
Asian shares had a mixed session as the upward revision to US economic growth failed to provide much of a boost. | |
Figures released on Tuesday showed the US economy grew at an annualised rate of 3.9% from July to September, up from the previous estimate of 3.5%. | |
The rise, which follows a strong second quarter, meant that the US has seen its strongest two consecutive quarters of growth in a decade. | The rise, which follows a strong second quarter, meant that the US has seen its strongest two consecutive quarters of growth in a decade. |
But that failed to ignite Asia's biggest market. | |
Japan's benchmark Nikkei index closed down 0.1% at 17,383.58. | |
But investors in Hong Kong were optimistic and that drove shares higher. The benchmark Hang Seng index closed up 1.1% or 268.07 points to 24,111.98. | |
In the mainland the Shanghai Composite finished the day up 36.7 points, or 1.4%, at 2,604.34 - the highest close since August 2011. | |
Traders are still upbeat following China's surprise interest rate cut last week, which aimed to boost growth in the world's second largest economy. | |
In Australia, the S&P/ASX 200 index closed up 1.2% at 5,396.2. | |
However, the resources sector was weighed down by data that showed the number of resources projects reaching financial commitment in Australia fell to the lowest number and value in a decade. | However, the resources sector was weighed down by data that showed the number of resources projects reaching financial commitment in Australia fell to the lowest number and value in a decade. |
In the six months to October, just three new projects, worth A$597m ($510m; £324m), reached the committed stage. | In the six months to October, just three new projects, worth A$597m ($510m; £324m), reached the committed stage. |
In South Korea, the benchmark Kospi finished flat at 1,980.84 points. | In South Korea, the benchmark Kospi finished flat at 1,980.84 points. |
Shares in Samsung Techwin plunged by the daily limit of 15% after its parent firm Samsung Group said it was selling the defence subsidiary as well as three other affiliates to Hanwha Group for $1.7bn (£1bn). | Shares in Samsung Techwin plunged by the daily limit of 15% after its parent firm Samsung Group said it was selling the defence subsidiary as well as three other affiliates to Hanwha Group for $1.7bn (£1bn). |
In a regulatory filing, Samsung Electronics said it would buy back 2.2tn Korean won ($1.99bn; £1.27bn) worth of its own shares, to boost shareholder value. | |
The consumer electronics giant said the buyback would take place between 27 November and 26 February next year. |