Asian Stock Market: China Push the Benchmark

Asian stocks widened gains on Friday after key economic reports from China largely met market expectations. Asian equity market pushes the benchmark to a five month high after China economic growth. As the China’s GDP jumps high in with 7.8 percent in last quarter. China’s Shanghai Composite was up 0.17 percent or 3.72 points at 2,192.26.

The GDP readings keep China on track to achieve the government's 2013 growth target of 7.5 percent, stronger than other major economies but still the worst performance for the country in 23 years. Growth in the first nine months of the year was 7.7 percent, the data from the National Bureau of Statistics showed.

With China's economic pick-up so shaky, most economists believe Chinese authorities are likely to stand still on monetary policy in the next year-and-a-half. But at the same time, few believe Beijing would dramatically loosen policy to aid growth, barring a sharp downturn.

Hong Kong’s Hang Seng rose 0.77 percent or 178.95 points at 23,273.83. (Up with 0.6%)

Japan’s Nikkei was flat at 14,595.78 (down with 0.1%)

Singapore’s Straits Times added 0.31 percent or 9.76 points at 3,196.38.

South Korea’s Seoul Composite gained 0.18 percent or 3.73 points at 2,044.34.

Taiwan’s Taiwan Weighted rose 0.26 percent or 21.45 points at 8,396.13. 

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