Asian markets conclude Tuesday’s trade mostly in green

16 Jul 2013 Evaluate

Asian markets concluded the Tuesday’s trade mostly in green despite Asian Development Bank (ADB) lowering its growth forecasts for developing Asia this year and the next, as a softer outlook for the world’s second-biggest economy China meant subdued economic activity elsewhere in the region. The bank lowered its growth forecast for developing Asia by 0.3% points to 6.3% in 2013 and 6.4% in 2014. It cut its growth estimates for China by 0.5% points to 7.7% and 7.5% this year and the next. The ADB expects Japan’s recovery to pick up speed as the effects of ‘Abenomics’ take root and improving corporate profits bolster household income and business environment. It forecast growth in Japan this year of 1.8%, against an April estimate of 1.2%. Japan’s Nikkei and Hang Seng concluded the trade on positive note.

China’s Shanghai Composite Index concluded the trade in green as investors remained focused on the action policy makers might take to prevent a further economic slowdown. China’s central bank Governor Zhou Xiaochuan stated that the country’s economic growth is facing relatively big downward pressures and that the country will increase financial incentives to support small firms. On the economy front, China’s job market remained generally stable in the first half of the year despite the economic downturn. China added 7.25 million jobs in the first half, an increase of 310,000 from the number seen during the same period last year, the minister of human resources and social security reported.

Jakarta Composite ended in green. Fitch Ratings stated that Bank Indonesia’s decision to raise its benchmark interest rate by 50 basis points to 6.5% last week will help maintain the country’s banking stability and slow lending amid weak economic growth this year. Singapore’s Straits Times ended the day on negative note, International rating agency, Moody’s, has revised its outlook on Singapore’s banking system from stable to negative, expressing concern with the debt level rising in the city state. Other agencies such as Fitch still have a rating of stable on the outlook for the banking system in Singapore.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2065.72	6.33	0.31
Hang Seng	21312.38	9.07	0.04
Jakarta Composite	4644.04	8.31	0.18
KLSE Composite	1786.39	-0.28	-0.02
Nikkei 225	14599.12	92.87	0.64
Straits Times	3224.96	-11.86	-0.37
KOSPI Composite	1866.36	-8.80	-0.47
Taiwan Weighted	8260.11	5.43	0.07

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