The Asian markets closed mostly in green on Tuesday, while China stocks ended sharply lower extending a selloff that has unnerved investors around the globe. Japan’s finance minister warned over the yen’s rapid rise after the dollar plunged to a seven-month low against the unit on fears over China’s economy and global growth. A bloodbath on global equity markets driven by fears over a slowdown in China - and the broader impact on the global economy - pushed traders into the yen, which is seen as a safe haven in times of turmoil. Indonesia’s central bank is strengthening steps to stabilize the rupiah and is intervening in large amount in the foreign exchange and government bond markets. The deputy governor of Bank Indonesia stated that the central bank is coordinating with the state enterprises ministry for share buybacks and with the finance ministry to buy government bonds in the secondary market. Indonesia stepped up efforts to protect its battered financial markets from global volatility, imposing new daily limits on how much shares can fall and organizing a concerted share buyback program. Malaysian Unemployment Rate remained unchanged at a seasonally adjusted 3.1%. Taiwanese Industrial Production fell to a seasonally adjusted annual rate of -2.99%, from -1.35% in the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,964.97 | -244.94 | -7.63 |
Hang Seng | 21,404.96 | 153.39 | 0.72 |
Jakarta Composite | 4,228.50 | 64.77 | 1.56 |
KLSE Composite | 1,563.94 | 31.80 | 2.08 |
Nikkei 225 | 17,806.70 | -733.98 | -3.96 |
Straits Times | 2,886.29 | 42.90 | 1.51 |
KOSPI Composite | 1,846.63 | 16.82 | 0.92 |
Taiwan Weighted | 7,675.64 | 265.30 | 3.58 |