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Asian markets trade lower in early deals; weak China data weighs

24 Jul 2013 Evaluate

Most of the Asian equity indices are trading lower in early deals on Wednesday. Sentiments remained dampened after Chinese benchmark declined by over a percent as activity in China’s vast manufacturing sector slowed to an 11-month low in July as new orders faltered and the job market darkened, suggesting the world’s second-largest economy is still losing momentum. The flash HSBC/Markit Purchasing Managers’ Index fell to 47.7 this month from June’s final reading of 48.2, marking a third straight month below the watershed 50 line, which demarcates expansion of activities from contraction. Meanwhile, Japanese Nikkei too shed over half a percent after Japanese export growth unexpectedly eased in June from a year earlier. The 7.4% increase in exports in the year to June was less than the median estimate for a 10.3% annual increase.

Shanghai Composite declined 25.88 points or 1.27% to 2,018.00, Hang Seng slipped 62.00 points or 0.28% to 21,853.42, Jakarta Composite dropped 18.26 points or 0.38% to 4,748.90, Nikkei 225 decreased 82.80 points or 0.56% to 14,695.71 and Taiwan Weighted was down by 27.66 points or 0.34% to 8,182.35.

On the flip side, KLSE Composite rose 2.75 points or 0.15% to 1,808.06, Straits Times increased 6.02 points or 0.19% to 3,259.78 and Seoul Composite was up by 2.94 points or 0.15% to 1,907.09.

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