The Asian markets closed in green on Thursday with China’s Shanghai Composite index rising for the first time in six sessions. Japan’s government lowered its assessment of consumer spending and exports in August, a worrying sign that the economy is seeing just a tepid recovery from a contraction in the April-June quarter. The government stood by its assessment that Japan’s economy is on track to recover but acknowledged the pace of improvement is patchy as worries stemming from the bursting of China’s stock-market bubble roil global financial markets. Indonesia will announce a policy package to help prop up the rupiah that includes tax holidays for investors. Bank Indonesia was spotted directly selling dollars to lift the rupiah. The unusual move indicated strong determination of the authority to support the second-worst performing Asian currency so far this year by showing its presence in the market. Philippines GDP rose to a seasonally adjusted annual rate of 5.6%, from 5.0% in the preceding month whose figure was revised down from 5.2%. Singaporean Industrial Production fell to an annual rate of -6.1%, from -4.0% in the preceding month whose figure was revised up from -4.4%.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,083.59 | 156.30 | 5.34 |
Hang Seng | 21,838.54 | 758.15 | 3.60 |
Jakarta Composite | 4,430.63 | 192.90 | 4.55 |
KLSE Composite | 1,601.70 | 21.33 | 1.35 |
Nikkei 225 | 18,574.44 | 197.61 | 1.08 |
Straits Times | 2,945.43 | 72.43 | 2.52 |
KOSPI Composite | 1,908.00 | 13.91 | 0.73 |
Taiwan Weighted | 7,824.55 | 108.96 | 1.41 |