The Asian markets closed in green on Thursday while Shanghai Stock Exchange was closed on account of ‘Victory Day’ holiday and Hong Kong Stock Exchange was closed on account of Anniversary day of the victory of war against Japanese. International Monetary Fund (IMF) chief Christine Lagarde stated that Asian economies were doing pretty well despite the volatility created by China’s slowdown and unease on global financial markets. Lagarde added that now the situation is changing yet again, and everyone is feeling the impact of China’s rebalancing and moving to a revised business model. To tackle the bumpy road ahead, she suggested policymakers consider reining in excessive credit growth, adopt tighter fiscal policies, use the exchange rate as a shock absorber, maintain adequate foreign exchange reserves and bolster regulatory oversight of the financial sector. Activity in Singapore factories, including the key electronics sector, shrank for a second straight month in August, indicating sluggish global economic growth hurt the trade-dependent economy. The Singapore Institute of Purchasing & Materials Management’s Purchasing Managers’ Index (PMI) fell to 49.3 from July’s 49.7. South Korean GDP rose to a seasonally adjusted 0.3% compared to the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | - | - | - |
Hang Seng | - | - | - |
Jakarta Composite | 4,433.11 | 31.82 | 0.72 |
KLSE Composite | 1,602.75 | 12.56 | 0.79 |
Nikkei 225 | 18,182.39 | 86.99 | 0.48 |
Straits Times | 2,906.43 | 28.30 | 0.98 |
KOSPI Composite | 1,915.53 | 0.31 | 0.02 |
Taiwan Weighted | 8,095.95 | 60.66 | 0.75 |