HONG KONG: China and Hong Kong shares were mixed on Tuesday and traded in a narrow range, as the country reported higher-than-expected first-quarter growth but some data pointed towards uneven recovery trends.
China’s blue-chip CSI 300 Index ended 0.3% higher, while the Shanghai Composite Index edged up 0.23%.
The Hang Seng Index, however, lost 0.63% while Hang Seng China Enterprises Index slipped 0.75%.
China’s economy grew 4.5% year-on-year in the first three months of the year, data from the National Bureau of Statistics showed on Tuesday, faster than the 2.9% reported in the previous quarter and beating analysts’ forecasts of a 4% expansion.
Industrial output rose 3.9% in March year-on-year, accelerating from a 2.4% increase in the first two months but missing expectations slightly.
“The better-than-expected economic data shatters worries for a weak recovery, but it’s not showing a strong recovery either,” said Tao Chuan, chief macro analyst at Soochow Securities in Beijing.
Consumption is strong hinting at rising demand, but there are also some structural problems, Tao added.
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