Asian shares were quietly consolidating recent hefty gains on Monday as holidays made for thin trading, and dismal economic data out of Japan took some of the heat out of that booming market

The mainland, South Korea and the United States were among the centres off, leaving currencies, commodities and bonds all becalmed.

In Hong Kong, the benchmark Hang Seng Index opened trading 65 points, or 0.2 percent, lower at 26,501.

The China enterprises was seven points, or 0.1 percent, lower at 9,025 while the tech index was 10 points, or 0.2 percent, down at 5,350.

Mainland markets are closed ahead of the Lunar New Year holiday.

Japan on Monday reported its economy grew a miserly 0.1 percent annualised in the December quarter, far below the 1.6 percent gain forecast as government spending dragged on activity.

The disappointing figures underline the tough task ahead for Prime Minister Sanae Takaichi and should support her push for more aggressive fiscal stimulus.

Perhaps with that in mind, investors pushed Japan's Nikkei up 271 points, or 0.48 percent, to 57,212 following a 5 percent rise last week.

The S&P/ASX 200 index opened up almost 13 points, or 0.14 percent at 8,930.

The major data of the week are ⁠not out until Friday when surveys of global manufacturing hit and the US reports gross domestic product for the fourth quarter.

Median forecasts are for annualised growth of 3 percent, down from 4.4 percent the previous quarter but still solid.

"Our fear in Asia is that if the mega-cap technology companies announce a pause in capital expenditure, that ⁠might lead to a sharp correction in memory stocks that have rallied sharply in markets like Korea this year," said Nick ⁠Ferres, chief investment officer at Vantage Point. (Reuters & Xinhua)



Edited by Wendy Wong