The Asian markets closed mostly in red on Wednesday, while Japanese stock exchange was closed today on account of ‘Greenery Day’ holiday. The devaluation of currencies by some countries has led to sharp gains in the yuan which are hurting the competitiveness of Chinese exports. The Ministry of Commerce stated that China’s economy still faces challenges this year, and that its trade flows, especially exports, are under increased pressure. China’s services sector grew at its fastest pace this year in April as a sizzling stock market rally helped boost consumer confidence and spending. Yet in a sign that China’s economy still faces strong headwinds, the HSBC/Markit China Services Purchasing Managers’ Index (PMI) showed final prices of services hit a 15-month low in April as some firms were forced to cut prices to lift sales. The services PMI rose to a four-month high of 52.9 in April from 52.3 in March, comfortably above the 50-point level that separates expansion from a contraction in activity on a monthly basis. Indonesian GDP fell to a seasonally adjusted annual rate of 4.71%, from 5.01% in the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 4,229.27 | -69.44 | -1.62 |
Hang Seng | 27,640.91 | -114.63 | -0.41 |
Jakarta Composite | 5,184.95 | 24.64 | 0.48 |
KLSE Composite | 1,820.97 | -6.45 | -0.35 |
Nikkei 225 | - | - | - |
Straits Times | 3,459.79 | -11.40 | -0.33 |
KOSPI Composite | 2,104.58 | -27.65 | -1.30 |
Taiwan Weighted | 9,818.20 | -1.93 | -0.02 |