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Disappointing Flash Chinese PMI drag Asian markets lower in morning deal

23 Apr 2013 Evaluate

All the Asian equity indices are trading in red terrain in Tuesday’s morning session as the latest figures from China added to the growing concerns about the world’s number two economy and crucial driver of global growth following last week’s worse-than-forecast gross domestic product results. The flash HSBC Purchasing Managers’ Index for April fell to 50.5 in April from 51.6 in March but was still stronger than February's reading of 50.4. However, a sub-index measuring new export orders fell to 48.6 in April from 50.5 in March, reflecting weaker global demand as the US economic recovery remains fragile and the euro zone is mired in recession. Japanese shares too remained under pressure as investors locked in some of the recent gains.

Shanghai Composite tumbled 48.05 points or 2.14% to 2,194.12, Hang Seng declined 270.65 points or 1.23% to 21,773.72, Jakarta Composite slipped 15.83 points or 0.32% to 4,981.09, KLSE Composite contracted 6.03 points or 0.35% to 1,700.65, Nikkei 225 dipped 32.90 points or 0.24% to 13,535.47, Straits Times decreased 15.72 points or 0.48% to 3,293.20, KOSPI Composite dropped 16.98 points or 0.88% to 1,909.33 and Taiwan Weighted was down by 45.73 points or 0.57% to 7,924.65.

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