Asian stocks fluctuated between gains and losses after Chinese President Xi Jinping said the nation must adjust to a "new" "normal" pace of economic growth.
Samsung Electronics, Asia's largest technology company, gained 1,1% in Seoul on news that chairman Lee Kun Hee was in stable condition following an operation following a heart attack. Olympus, the Japanese camera maker, rose 3,8% after reporting better-than-expected profits. Conversely, Sumitomo Electric Industries plunged 5,5% in Tokyo after forecasting lower-than-expected net sales.
The MSCI Asia Pacific index was little changed, trading at 137.89 as of 9:36am in Tokyo, after shedding 0,4% last week.
“China is experiencing the slowest growth since 1990,” comments Evan Lucas, market strategist at IG in Melbourne. “The new central government has made a deliberate effort to reduce public debt levels and this has cooled the economy. However, the fundamentals of China's growth have not changed and the country is experiencing a significant period of strategic opportunities,” President Xi said, according to the Xinhua News agency.
Japan's Topix rose 0,3% on a day when current account surplus data shows the number falling to 116,4 billion yen in March. It is possible that the market is now confident about the possibility of new stimulus to the economy. South Korea's Kospi was narrowly changed, while Australia's S&P/ASX 200 and New Zealand's NZX 50 were both up 0,1 per cent. Today Sharp, Nissan Motor and Hitachi announced their quarterly profits.
