Asian markets closed mostly in red on Thursday, with investors’ risk appetites subdued on a possible Greek default. China state council stated that the government will step up effective investment in key sectors, including shantytown renovation and rural power infrastructure, to support growth, even as it saw more positive factors in the economy. China’s economic growth slowed to a six-year low to 7% in the first quarter as demand at home and abroad faltered, and recent data showed weakness persisted into the second quarter, putting more pressure on the government to step up policy stimulus. Growth in foreign investment in China slowed to 7.8% in May, but outward investment surged almost 50% in the first five months of the year. Foreign direct investment (FDI), which excludes financial sectors, increased to $9.33 billion last month, after a 10.5% year-on-year rise in April. Confidence at Japanese manufacturers in June rose for the second straight month and retailers were at their most optimistic in over a year, offering a welcome sign that consumers may have finally shaken off the effects of a sales tax hike. The Reuters Tankan - which closely tracks the central bank’s quarterly tankan survey - gives credence to the Bank of Japan’s view that the economic recovery will strengthen over the next year. Hong Kong Unemployment Rate remained unchanged at a seasonally adjusted 3.2%, compared to the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 4,785.36 | -182.54 | -3.67 |
Hang Seng | 26,694.66 | -59.13 | -0.22 |
Jakarta Composite | 4,945.50 | -0.25 | -0.01 |
KLSE Composite | 1,718.12 | -8.74 | -0.51 |
Nikkei 225 | 19,990.82 | -228.45 | -1.13 |
Straits Times | 3,300.42 | -25.49 | -0.77 |
KOSPI Composite | 2,041.88 | 7.02 | 0.34 |
Taiwan Weighted | 9,218.37 | 28.54 | 0.31 |
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