Asian markets closed mostly in red on Tuesday with Shanghai closing down as analysts warned that government measures to staunch a recent rout will likely not be enough. China’s economy is showing some positive changes as recent government measures gradually gain traction. The National Bureau of Statistics stated that China’s economic performance remained within a reasonable range and economic growth was basically stable. The government is due to release second-quarter gross domestic product data on July 15 and many economists expect growth to dip below 7 percent, which would be the weakest performance since the global financial crisis. South Korea’s central bank is expected to keep interest rates on hold in July after it cut them to a record low the previous month, and the full-year growth forecast could see a modest downgrade. All 28 economists surveyed said the Bank of Korea (BOK) would keep the base rate at 1.50 per cent at its policy meeting on July 9. Taiwanese CPI rose to a seasonally adjusted annual rate of -0.56%, from -0.73% in the preceding quarter.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,727.12 | -48.79 | -1.29 |
Hang Seng | 24,975.31 | -260.97 | -1.03 |
Jakarta Composite | 4,906.05 | -10.69 | -0.22 |
KLSE Composite | 1,712.30 | -4.75 | -0.28 |
Nikkei 225 | 20,376.59 | 264.47 | 1.31 |
Straits Times | 3,340.93 | 7.99 | 0.24 |
KOSPI Composite | 2,040.29 | -13.64 | -0.66 |
Taiwan Weighted | 9,250.16 | -5.80 | -0.06 |