The Asian markets closed mostly in green on Tuesday, stabilizing from sharp declines in the previous session, as Wall Street ended higher overnight. Nikkei stock exchange was closed on account of National holiday. The Asian Development Bank stated that weaker growth in China this year is expected to cause a slowdown in the rest of Asia. The report comes as markets have been hit by extreme volatility driven by fears over the Chinese economy -- and its leaders’ management of it -- after last month’s surprise devaluation of its yuan currency. In an update to its flagship Asian Development Outlook released in March, the bank stated that growth in the region would hit 5.8% this year and 6.0% in 2016. However, it tipped China -- the main driver of global economic growth -- to expand 6.8% this year, instead of the 7.2% previously estimated, following a stream of weak indicators including on trade, inflation, investment and consumer spending. Bank Indonesia Governor Agus Martowardojo stated that the country’s foreign exchange reserves have fallen to $103 billion. At the end of August, Indonesia’s foreign reserves totaled $105.35 billion, down from $107.55 billion at the end of July. The central bank is due to announce September’s final figure on October 7.
Asian Indices Last Trade Change in Points Change in % Shanghai Composite 3,185.62 29.08 0.92 Hang Seng 21,796.58 39.65 0.18 Jakarta Composite 4,344.04 -32.04 -0.73 KLSE Composite 1,635.37 -4.10 -0.25 Nikkei 225 - - - Straits Times 2,868.47 -13.80 -0.48 KOSPI Composite 1,982.06 17.38 0.88 Taiwan Weighted 8,365.92 58.88 0.71
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