Most of the Asian markets have made a green start with positive news from the US. Japanese market was up by over half a percent on report that US housing permits reached a four-year high, the most since August 2008. Chinese market was marginally in green, though the National Development and Reform Commission reported that country’s steel industry’s first-half profit fell 49 percent from a year earlier, while earnings for the nonferrous metal industry slumped 14 percent. It is being said that the People’s Bank of China may decide to cut benchmark interest rates before required reserve ratios for lenders.
Shanghai Composite was marginally up by 2.31 points or 0.11% to 2,114.50, Hang Seng surged by 121.86 points or 0.61% to 20,084.81, KLSE Composite was up by 1.49 points or 0.09% to 1,651.67, Nikkei surged by 57.18 points or 0.63% to 9,149.94 and Straits Times was up by 2.16 points or 0.07% to 3,064.88.
On the other hand, Kospi Composite has declined by 14.12 points or 0.72% to 1,943.67 and Taiwan Weighted lost 7.60 points or 0.10% to 7,482.64.
Jakarta Composite was not trading as Indonesian banks, the stock exchange and other financial institutions will be closed for five days, from Friday until Wednesday, due to public and Idul Fitri holidays.