Asian markets closed mostly in green on Wednesday, while Chinese stocks tumbled in late trade, as margin traders unwound positions for a seventh straight day and data showed economic growth remaining sluggish. Hong Kong stock exchange was closed on account of ‘Special Administrative Region Establishment Day’. Growth in China’s services sector picked up in June while big Japanese companies planned to ramp up spending at the fastest pace in a decade, offering hope that prospects are improving for Asia’s largest economies despite sluggish factory growth. The data fueled expectations that the wobbly global economy may start leveling out in the second half of the year, but the outlook remains murky, with fears that Greece’s debt crisis could splinter the euro zone and worries about whether China can avoid a stock market crash keeping investors on edge.
China’s official Purchasing Managers' Index (PMI) stood at 50.2 in June, unchanged from the previous month’s reading. A separate manufacturing index compiled by HSBC Holdings Plc and Markit Economics was at 49.4. Japan’s Tankan manufacturing index rose to a seasonally adjusted 15, from 12 in the preceding quarter. Indonesian Inflation rose to a seasonally adjusted 7.26%, from 7.15% in the preceding month. South Korean Trade Balance rose to a seasonally adjusted 10.20 billion, from 6.30 billion in the preceding quarter.
Asian Indices Last Trade Change in Points Change in % Shanghai Composite 4,053.70 -223.52 -5.23 Hang Seng - - - Jakarta Composite 4,904.06 -6.59 -0.13 KLSE Composite 1,727.96 21.32 1.25 Nikkei 225 20,329.32 93.59 0.46 Straits Times 3,331.14 13.81 0.42 KOSPI Composite 2,097.89 23.69 1.14 Taiwan Weighted 9,375.23 52.21 0.56