The Asian markets concluded Wednesday’s trade in red, with the benchmark indices on course for their largest decline in two months, after equity valuations touched the highest this year and China inflation data missed estimates. Indonesia Stock Exchange was closed today on account of Public Holiday (Election Day). Hong Kong stocks fell, with the benchmark index declining the most in two weeks, while China’s stocks fell the most in almost three weeks, as technology and health-care companies slumped amid concern earnings growth will disappoint investors. China’s trade data scheduled for tomorrow is forecast to show exports grew 10.4% in June from 7% in May. The economic growth data for the second quarter is set for July 16.
A prevailing wait-and-see sentiment again pulled new home sales down in China by nearly 36%, snapping a major rebound that lasted one week. The purchases of new homes, excluding government-subsidized affordable housing, fell 35.7% to 152,600 square meters during the seven-day period ending Sunday. The average cost of a new home rose nearly 5% week on week to 27,593 yuan ($4,450) per square meter. Chinese CPI fell to an annual rate of 2.3%, from 2.5% in the preceding month while Chinese PPI rose to an annual rate of -1.1%, from -1.4% in the preceding month. Japan’s M2 Money Stock fell to a seasonally adjusted 3.0%, from 3.3% in the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2038.61 | -25.41 | -1.23 |
Hang Seng | 23176.07 | -365.31 | -1.55 |
Jakarta Composite | - | - | - |
KLSE Composite | 1891.16 | -1.49 | -0.08 |
Nikkei 225 | 15302.65 | -11.76 | -0.08 |
Straits Times | 3275.46 | -7.88 | -0.24 |
KOSPI Composite | 2000.50 | -6.16 | -0.31 |
Taiwan Weighted | 9489.98 | -41.00 | -0.43 |
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