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Asian shares mixed despite strong US growth



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Nikkei 225 Index

Last Updated at 17 Oct 2017, 06:45 GMT Nikkei 225 three month chart
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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.

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.

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.

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.

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