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Nikkei Markets

Asian stocks gain amid better-than-expected China June data

Infosys jumps in Mumbai after raising fiscal year revenue forecast

HONG KONG (Nikkei Markets) -- Asian shares outside of Japan advanced Monday after better-than-expected industrial output and retail sales data allayed concerns over China's growth.

The Nikkei Asia300 Index of companies outside Japan ended 0.5% higher at 1,325.45.

Official data released on Monday showed that China's industrial output grew 6.3% in June from a year earlier while retail sales increased 9.8%. Economists polled by Reuters had expected a growth of 5.2% and 8.3%, respectively. In May, factory output had expanded by 5% and retail sales by 8.6%.

Meanwhile, China's economy grew 6.2% year-on-year in the April-June period, down from 6.4% in the previous quarter. The June quarter GDP growth was reportedly the slowest in more than 25 years, but it was in-line with expectations.

Capital Economics said that it doubted that "the better-than-expected data for June will mark the start of a turnaround." However, Stephen Innes, a managing partner at Thailand-based Vanguard Markets, said with the China's GDP data coming in line with consensus, market fears the nation's economy is "headed for a hard landing" will reduce.

China Telecom declined 0.5%, while index heavyweight Tencent Holdings added 1.6%.

Infosys jumped 7.2% after India's second-biggest software exporter raised its revenue forecast for the year ending Mar. 31 to between 8.5% and 10% on constant currency basis. For the June quarter, the company reported a 5.2% year-on-year increase in net profit.

Singapore Press Holdings plunged 6.8% after the company's third-quarter net profit declined 44.1% on-year, mainly due to lower media revenue and higher operating expenses and finance costs.

Wilmar International closed 1.9% higher. The Singapore-listed agribusiness company said its Chinese unit Yihai Kerry Arawana Holdings' application for a proposed listing on the Shenzhen Stock Exchange had been accepted by the China Securities Regulatory Commission.

Malaysian rubber glove makers slipped amid weak sentiment after Gas Malaysia raised natural gas tariff for the non-power sector in Peninsular Malaysia. Top Glove declined 1.1% and Hartalega Holdings fell 1.3%.

SM Prime Holdings advanced 3.1% after the Philippine company reported a 16% increase in second-quarter net income.

Indonesia's Jakarta SE Composite Index closed 0.7% higher. The country's President, in his first speech after re-election, on Sunday pledged more infrastructure and investment in his second-term.

Construction engineering company Wijaya Karya jumped 6.1%.

--Nimesh Vora

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