Asian markets conclude Tuesday’s trade in green

23 Jul 2013 Evaluate

All the major Asian markets concluded Tuesday’s trade in green. China’s Shanghai Composite gained around two percent led by heavyweights in the financial sector, non-ferrous metal producers and railway firms. The Shanghai Statistics Bureau stated that Shanghai’s gross domestic product expanded 7.7% from a year earlier to 1.02 trillion yuan ($164.5 billion) in the first half of this year. The rate slowed a bit from the increase of 7.8% in the first three months but was higher than the national average of 7.6% between January and June. The bureau added that the overall economy remained stable with the service industry leading the growth. Japan’s Nikkei too ended the trade in green supported by hopes of an economic recovery in the country and a halt in the yen’s climb against the US dollar. South Korean shares gained for the second straight session as foreigners snapped up local stocks on expectations of good second-quarter earnings season. Offshore investors led the market advance by purchasing shares both on spots and futures.

Indonesia’s Jakarta Composite concluded the trade in green. The country attracted 18.9% more foreign direct investment in April-June than a year earlier, the slowest rate of increase in rupiah terms since the third quarter of 2011, and expects the pace to ease further in the second half. The latest increase was led by spending plans in mining, transportation, base metals and chemicals. Besides, Indonesia’s rupiah plunged the most in 13 months in onshore trading as Bank Indonesia allowed a more rapid slide toward levels quoted in the offshore market. The yield on 10-year government bonds fell the most since 2008. The slump in Indonesia’s rupiah this month following a 50 basis-point increase in interest rates highlights the risk for Turkey’s central bank should it fail to raise borrowing costs sufficiently to curb outflows. Turkey’s central bank will boost the top rate of its three-pronged policy by between 50 and 100 basis points, keeping the others unchanged.

Singapore's headline inflation inched slightly higher to 1.8% in June from a year-on-year rise of 1.6% in May, mainly due to petrol pump prices which increased with the recent pick-up in global oil prices.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2043.88	39.11	1.95
Hang Seng	21915.42	498.92	2.33
Jakarta Composite	4767.16	88.18	1.88
KLSE Composite	1805.31	7.63	0.42
Nikkei 225	14778.51	120.47	0.82
Straits Times	3253.76	19.41	0.60
KOSPI Composite	1904.15	23.80	1.27
Taiwan Weighted	8214.65	109.20	1.35

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