Investing.com - Asian markets were mixed in afternoon trade on Monday. Australia’s ASX 200 gained 1.1% but Chinese stocks dipped 2% following disappointing earnings from the country's top liquor maker Kweichow Moutai Co Ltd (SS:600519).
The Shanghai Composite and the Shenzhen Component were down 1.7% and 2.2% respectively by 1:30 AM ET (05:30 GMT). Kweichow Moutai plunged by the 10% daily limit on Monday after reporting its weakest quarterly profit growth in three years.
Hong Kong’s Hang Seng Index was also down 0.1%. China’s brokerage firm GF Securities Co Ltd (HK:1776) reported that its net profit for the third quarter plummeted by 39.23% compared to the same period last year. Its net profit was down 35.39% year-on-year for the first 9 months of the year, the company said.
Despite the losses, the H shares of GF Securities in Hong Kong inched up 0.96% to HK$9.5 on Monday morning.
The company’s net assets only rose 1.22% in the third quarter, compared to the end of 2017, while its operating revenue in the third quarter also dived 23.88% over the same period last year.
On Friday, the company announced that it raised RMB15 billion in a private placement to fund its four wholly owned subsidiaries. The funds raised will be used to enhance its equity financial services and expand its business in fixed income, currencies and commodities (FICC), as well as to develop and apply fintech.
Elsewhere, South Korea’s KOSPI traded 0.7% lower.
Japan’s Nikkei 225 inched up 0.8% after trade ministry data showed the country’s September retail sales rose 2.1% from a year earlier, beating the general consensus for a 1.6% increase. However, the growth was slower than the 2.7% expansion in August.
The slowdown was considered to be temporary, caused by a string of natural disasters that upset business and consumer activity, Reuters reported citing analysts.
Meanwhile, Hitachi Chemical Co Ltd (T:4217) plunged as much as 14% earlier in the day on reports that it had falsified inspections for a material used in semiconductors.
Local media reported over the weekend that the company informed its customers of the inspection misconduct for the material used to protect semiconductor chips from scratches and debris.
In other news, an aircraft with 189 people on board crashed into the sea off Indonesia's island of Java on Monday, according to reports citing a spokesman for Indonesia's search and rescue agency.
The spokesman said the Lion Air flight, JT610, lost contact 13 minutes after takeoff.