Stocks in India were driven sharply lower Friday lead by IT stocks, after Infosys Technologies reported disappointing guidance. Traders said Indian equities were also hit with sell orders after the government released the Index of Industrial Production (IIP) data, which showed a rise of 3.8% in May vs. a gain of 6.2% in April. Economists had predicted that the IIP would hit 6.5% for May.
Chinese stocks traded mixed on Friday with shares in mainland China dropping slightly over concerns of an economic slowdown, and shares in Hong Kong ripping higher after China's second-largest bank Construction Bank said first-half profits might have soared by over 50% from a year ago. The banks positive comments follow a number of rival banks that also issued bullish guidance in the past weeks.