In spite of slowing down in manufacturing PMI data around the world along the major economies such as China, US and Euro zone, global equities are still rallying on the hope that there will be a policy easing from the major Central banks including the Federal Reserve. On July 05, 2012 there will be an announcement regarding policy schedule by the Bank of England and European Central Bank for buying 50 billion euro in asset purchase and 25 basis point cut.
Nikkei rose to 8 weeks high on Tuesday with Banking and insurance companies posting biggest gains after its three biggest banks were upgraded by Daiwa Securities. Shanghai Composite ended flat as gains led by property developers were offset by concern that economic slowdown has dragged corporate earnings. Hang Seng Index climbed in early trading on the hopes of policy easing by world’s central banks. Property and resource sector making most of the gains. Strait Times extended its gains for fifth consecutive sessions with Palm Oil firm Golden Agri-Resources making most of the gains. Kospi Composite Index closed at two weeks high as Energy and Shipbuilding shares outperforming with SK Innovation, South Korea's largest crude oil refiner rallying 4.6 percent while Daewoo Shipbuilding & Marine Engineering soared 6.1 percent.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,229.19 | 3.08 | 0.14 |
Hang Seng | 19,735.53 | 294.07 | 1.51 |
Jakarta Composite | 4049.89 | 58.35 | 1.46 |
KLSE Composite | 1,607.74 | 6.89 | 0.43 |
Nikkei 225 | 9,066.59 | 63.11 | 0.70 |
Straits Times | 2,945.33 | 34.74 | 1.19 |
KOSPI Composite | 1,867.82 | 16.18 | 0.87 |
Taiwan Weighted | 7,418.36 | 73.20 | 1.00 |
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