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Asian markets end higher on Monday

20 Jun 2016 Evaluate

Asian equity markets ended higher on Monday, as worries over a potential British exit from the European Union receded and a weaker dollar supported commodity prices. Safe-haven assets and currencies like gold, government bonds and the yen retreated after three opinion polls on the EU referendum suggested the 'Remain' campaign is pulling back into the lead following the murder of pro-EU MP Jo Cox. A UK exit from the European Union could seriously hurt the British economy and possibly lead to a recession next year, the International Monetary Fund has warned. Separately, Prime Minister David Cameron warned Sunday of a painful hit to Britain's economy if it quits the EU on Thursday's Brexit vote. The dollar weakened broadly against its rivals after St. Louis Fed President James Bullard issued a position paper on Friday saying he thinks there will be just one interest rate hike through 2018 and the Federal Reserve is eroding its credibility by indicating otherwise. Japanese shares rose sharply to hit a one-week high, aided by a weaker yen. Investors shrugged off sluggish trade data showing a fall in Japanese exports for an eighth consecutive month in May. Chinese shares ended flat, bucking the upward trend in Asian markets, as sentiment was subdued amid concerns of yuan depreciation and a fresh regulatory crackdown on shell companies raising funds from external sources in backdoor listings, offset positive home price data. China's property sector continued to recover but at a slower pace in May, with gains spreading to smaller cities, an official survey released over the weekend showed.

Asian Indices

Last Trade            

Change in Points

Change in %  

Shanghai Composite

2,888.81 3.700.13

Hang Seng

20,510.20 340.221.69

Jakarta Composite

4,863.53 28.390.59

KLSE Composite

1,634.23 10.050.62

Nikkei 225

15,965.30 365.642.34

Straits Times

2,801.38 37.961.37

KOSPI Composite

1,981.12 27.721.42

Taiwan Weighted

8,625.92 57.840.68