Asian stocks mixed

HONG KONG — Asian markets were mixed Thursday after US data showing the world's top economy grew much more than expected in the second quarter was offset by late profit-taking.

The dollar moved narrowly in Asian trade after briefly hitting a near four-month high and then retreating against the yen in New York as the US growth figures were tempered by a guarded Federal Reserve report.

Tokyo's Nikkei gave up early gains to end 0.16% lower after a recent rally helped it to a six-month high. The index lost 25.46 points to 15,620.77. Sydney added 0.18%, or 10.01 points, to close at 5,632.9 and Seoul lost 0.31%, or 6.49 points, to 2,076.12.

Shanghai jumped 0.93%, or 20.32 points, to 2,201.56 and Hong Kong gained 0.1%, or 24.64 points to 24,756.85 — extending a winning streak to eight straight sessions.

Kuala Lumpur fell 0.37%, or 6.98 points, to 1,871.36, Singapore rose 0.61%, or 20.41 points, to 3,374.06 and Manila ended marginally lower, dipping 2.77 points to 6,864.82.

Jakarta was closed for a public holiday.

The US Commerce Department said Wednesday the economy grew 4% in April-June, much more than the 3% forecast. It was also a sharp reversal on the 2.1 contraction in the previous three months that was caused by a severe winter.

The news sent the dollar surging in New York to 103.09 yen — its highest level since early April and well up from the 102.11 yen earlier in Tokyo.

However, it retreated to 102.81 yen by the end of trade after the Fed said that, while the economy was strengthening, it was still disappointed in the jobs market and would keep interest rates low for as long as needed.

Traders had been hoping the pick-up in economic activity would push bank chief Janet Yellen to increase rates as soon as this year, rather than late 2015, as previously indicated.

In afternoon Tokyo trade the dollar was changing hands at 102.90 yen.

The euro bought $1.3393 and 137.82 yen on Thursday against $1.3395 and 137.73 yen.

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