Asian Markets conclude trade on negative note

03 Jul 2013 Evaluate

Asian Markets concluded the trade on negative note, as concerns over growth in China’s services sector added the selling pressure. A pair of surveys monitoring China’s services sector showed weak growth for June. The government-sponsored version of China’s services Purchasing Managers’ Index fell to 53.9 for June from May’s 54.3, though it remained above the 50 level dividing expansion from contraction. The HSBC/Markit Purchasing Managers’ Index (PMI) for the services industry inched up to 51.3 last month from May’s 51.2, after growth in new orders hit a 55-month low and business confidence slumped to depths last seen in late 2005 when records began. An increasing show of reluctance by top Chinese leaders to take policy steps to stimulate growth has also raised the chance that China's economic down cycle may turn out worse than thought. Besides, an unprecedented cash crunch in China’s financial markets last month, that saw interest rates briefly spike to record highs, may further drag on the economy in coming months.

Japan’s Nikkei closed in red amid choppy trade, as traders appetites were hit by weakness in other Asian shares and worries about the tepid Chinese economy. Hong Kong's market closed with deep cut, accelerating their losses after the Chinese services PMI data. On the economy front, Hong Kong retail sales grew in May by 12.8% from a year earlier, well below April’s 20.7% growth.

Jakarta Composite too suffered deep cuts after World Bank lowered its forecast for economic growth in Indonesia this year due to a slower-than-expected recovery in exports, a weaker outlook for foreign investment and softer commodity prices. The World Bank now expects Southeast Asia’s largest economy to grow 5.9% in 2013, down from its previous forecast of 6.2% in March.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	1,994.27	-12.29	-0.61
Hang Seng	20,147.31	-511.34	-2.48
Jakarta Composite	4,577.15	-151.55	-3.20
KLSE Composite	1,769.21	-2.68	-0.15
Nikkei 225	14,055.56	43.18	-0.31
Straits Times	3,129.49	-43.83	-1.38
KOSPI Composite	1,824.66	-30.36	-1.64
Taiwan Weighted	7,911.42	-104.44	-1.30

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