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South Korea shares fall on weak growth South Korean shares flat on weak growth
(about 5 hours later)
South Korea's benchmark Kospi fell by 0.1% to 2,063.01 in early trade as data showed very weak economic growth. South Korea's Kospi index closed flat at 2,065.04 after the economy recorded its weakest expansion in six years.
GDP in the second quarter grew just 0.3% compared with 0.8% in the year's first three months, pulled down by weak exports and the impact of the Mers virus on the economy. Dragged down by the Mers virus and weak exports, GDP in the second quarter grew just 0.3% in the second quarter compared with 0.8% in the first.
Investors are looking to heavyweights including Hyundai, which report earnings later in the day. Further bad news came from South Korean car giant Hyundai, which reported a 24% drop in net profit after overseas sales were weaker than expected.
Asian shares were also held back by a weak Wall Street performance overnight. Sales to China, which is Hyundai's biggest market, fell by about 8%.
In Japan, the Nikkei 225 edged up slightly by 0.4% to 20,667.96 points. In Japan, the Nikkei 225 edged up 0.4% to close at 20,683.95.
Data released on Thursday morning show the country's trade deficit has narrowed sharply last month as exports picked up on the back of a weaker yen. Data released on Thursday showed Japan's trade deficit narrowed sharply last month, as exports picked up on the back of a weaker yen.
In June, the value of exports jumped 9.5% while imports fell by 2.9% leaving the trade deficit at 69.0bn yen (£356.2m). In June, the value of exports jumped 9.5% while imports fell by 2.9% leaving the trade deficit at 69.0bn yen.
Hong Kong's Hang Seng traded flat at 25,256.46 points, as did the Shanghai Composite at 4,021.39 points. Mainland China stocks extended their recovery on Thursday, rising for a sixth consecutive session. The benchmark Shanghai Composite was up 2.3% at 4,121.50.
Australian shares continue the past days' slump and the ASX/200 was down 0.2% at 5,606.00 points. Hong Kong's Hang Seng gained 0.6% to 25,426.63.
Once again, most of the country's mining companies were losing ground, with BHP Billiton down 2.5% and Fortescue falling even more with 3.1%. Australian shares continued to fall, with the ASX 200 index down 0.4% at 5,590.30. Shares in mining companies lost ground again, with BHP Billiton down 2.8% and Fortescue falling 6%.
After the release of its latest output data, Newcrest beat the trend and rose 2.5% as the company said it met its full-year target, beating hesitant analyst forecasts. However, gold miner Newcrest bucked the downward trend, rising 2.8% after it reported higher gold production in the three months to June.