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  3. Slight upturn in Chinese PMI fails to lift fragile Asian markets

Slight upturn in Chinese PMI fails to lift fragile Asian markets

23 Apr 2012 Evaluate

Stock markets across the Asian region remained flimsy on the week’s first trading session as most benchmarks traded with a negative bias with cuts of around half a percent. Sentiments remained lackluster since the start of trade following the mixed over the weekend close on Wall Street despite encouraging earnings announcement from majors like Microsoft, General Electric and McDonald's and IMF members' pledge of more than $430 billion to safeguard the global economy. Market participants also eyed the French presidential elections closely where the incumbent President has lost the first round of elections to a Socialist who wants to renegotiate a European treaty intended to limit excessive government spending in order to emphasize growth over austerity.

The benchmark in China traded on a flat note with a positive bias after the HSBC Flash PMI showed the country’s manufacturing activity gained some momentum in April, coming at 49.1 in April from a final reading of 48.3 in March but still remained below the level that signifies expanding economic activity for the sixth straight month. The Japanese equity index on the other hand eased slightly after reports showed that the Bank of Japan (BOJ) would extend the maturity of bonds it purchased, prompting marketmen to sell index futures and buy five-year Japanese government bonds. Hang Seng sank 109.75 points or 0.52% to 20,900.89, KLSE Composite dropped 6.40 points or 0.40% to 1,585.45, Nikkei 225 declined 27.88 points or 0.29% to 9,533.48, Straits Times Index shed 6.01 points or 0.20% to 2,988.47, Seoul Composite fell 0.24 points or 0.01% to 1,974.71 and Taiwan Weighted eased 11.65 points or 0.16% to 7,495.50.

On the flipside, Shanghai Composite inched up 0.82 points or 0.03% to 2,407.68 and Jakarta Composite rose 7.08 points or 0.17% to 4,188.45.

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