Asian Markets Mixed; Chinese Stocks Down 2% by www.expertcommodity.com

© Reuters. Asian markets were mixed in afternoon trade on Monday

Experts says that 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.