The Asian markets closed mostly lower on Friday, as the weak cues overnight from Wall Street and the fall in commodity prices to multi-year lows increased risk aversion. Indonesia’s President Joko Widodo’s administration had called off the plan to reveal its seventh economic stimulus package, as the president’s tight schedule meant that discussions with key ministers had to be delayed. The seventh stimulus package was to be on increasing the purchasing power of consumers and accelerating infrastructure development in rural areas and villages. Japan’s industrial production rose to a seasonally adjusted 1.1%, from 1.0% in the preceding month while Japanese tertiary industry activity index fell to a seasonally adjusted -0.4%, from 0.2% in the preceding month whose figure was revised up from 0.1%. Singaporean Retail Sales fell to a seasonally adjusted 4.6%, from 6.6% in the preceding month whose figure was revised up from 6.1%. Hong Kong GDP rose to a seasonally adjusted annual rate of 0.9%, from 0.4% in the preceding quarter.
Malaysia posted its slowest economic growth and smallest current account surplus in over two years, with third quarter data offering little relief for a country whose currency has lost 20 percent of its value this year. The ringgit is Asia’s worst performer, having been hit hard by weak global prices for Malaysia’s gas and commodity exports, subdued demand from China, and a scandal at an indebted state fund that has raised questions over Prime Minister Najib Razak’s leadership and weakened investor sentiment. Malaysian GDP fell to a seasonally adjusted 4.7%, from 4.9% in the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,580.84 | -52.06 | -1.43 |
Hang Seng | 22,396.14 | -492.78 | -2.15 |
Jakarta Composite | 4,472.84 | 10.62 | 0.24 |
KLSE Composite | 1,658.91 | -4.29 | -0.26 |
Nikkei 225 | 19,596.91 | -100.86 | -0.51 |
Straits Times | 2,925.68 | -33.33 | -1.13 |
KOSPI Composite | 1,973.29 | -20.07 | -1.01 |
Taiwan Weighted | 8,329.50 | -98.59 | -1.17 |
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