The Asian markets ended mostly in green on Monday, as China’s weekend interest rate cut partially offset soft US data. Activity in China’s factory sector edged up to a seven-month high in February but export orders shrank and deflationary pressures persisted, a private business survey showed, adding to the view that yet more interest rate cuts will be needed. A survey showed the HSBC/Markit Purchasing Managers’ Index (PMI) climbed to 50.7 in February - the strongest level since July - from 49.7 in January, as overall new orders picked up. Chinese policymakers are embarking on their biggest easing campaign since the depths of the global crisis as the world’s second-largest economy is weighed down by a cooling property market, high debt levels and excess factory capacity. The People’s Bank of China cut interest rates, in the latest effort to support the economy as its momentum slows. The move was its third major policy easing since late November and came just days before the annual meeting of the country’s parliament. Thailand CPI fell to a seasonally adjusted annual rate of -0.52%, from -0.41% in the preceding month. Indonesian Inflation fell to a seasonally adjusted 6.29%, from 6.96% in the preceding month. South Korean Industrial Production rose to a seasonally adjusted annual rate of 1.8%, from 1.1% in the preceding month whose figure was revised up from 0.4%.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,336.29 | 25.98 | 0.78 |
Hang Seng | 24,887.44 | 64.15 | 0.26 |
Jakarta Composite | 5,477.83 | 27.54 | 0.51 |
KLSE Composite | 1,817.13 | -4.08 | -0.22 |
Nikkei 225 | 18,826.88 | 28.94 | 0.15 |
Straits Times | 3,403.89 | 1.03 | 0.03 |
KOSPI Composite | 1,996.81 | 11.01 | 0.55 |
Taiwan Weighted | 9601.36 | -20.74 | -0.22 |
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