Markets in Asia mostly higher after South Korea’s growth beat expectations

Markets in Asia mostly higher on Tuesday as South Korea’s economic output exceeded expectations.

The Kospi in South Korea recovered from losses to gain 0.30%, while the Kosdaq added 0.1% at 9.33 local time in Thailand.

In the second quarter, South Korea’s gross domestic product grew by 0.7% compared to the first quarter of 2022, according to the Bank of Korea. The figure came in slightly higher than the 0.4% growth predicted by economists in a Reuters poll.

Kathleen Oh, an economist at Bank of America Securities, said on Tuesday that “this morning’s print actually gives the [Bank of Korea] further room to pursue their priority policy to tame inflation and inflation expectations before worrying about growth.”

Mainland China stocks also climbed. The Shanghai Composite was 0.54% higher, while the Shenzhen Component rose 0.78%.

Hong Kong’s Hang Seng index advanced 0.82%.

In Australia, the S&P/ASX 200 remained near its previous closing levels.

Meanwhile, Japan’s Nikkei 225 slipped 0.09%

According to a statement released by Alibaba on Tuesday, the company plans to file for a primary listing on the Hong Kong Stock Exchange, where its shares are already listed. If all goes according to plan, the company will be listed in Hong Kong and New York as a dual-primary listed corporation.