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Asian markets conclude the trade mostly in red

29 Jul 2013 Evaluate

The Asian markets barring Singapore’s Strait Times which was marginally up, concluded Monday’s trade mostly in red. Japanese Nikkei tumbled more than 3% ending at their lowest level in more than a month below the 14,000 line due to the yen’s climb against US dollar and expectation of a series of economic data due to be released this week. Meanwhile, official data released showed Japan’s retail sales climbed 1.6% in June from the year-ago month, though just short of forecasts. Japanese retailers registered a sharp rebound in June sales, which rose 1.6% from a year earlier, compared to May's 0.8% gain. The result was slightly below average expectations for a 1.9% gain.

China’s Shanghai Composite plunged the most in three weeks, sending the key index to a fourth straight day of decline, after China’s top auditor announced a nationwide audit of government debt. Market sentiment was also hit by dismal data showing industrial profits in China rose at a slower pace in June, while a continuous increase in borrowing costs reignited fears over a liquidity squeeze. China’s building materials sector regained steam in the first half, with real estate investment picking up speed.

Indonesia has likely turned the corner on a ballooning current account deficit, with the figure set to narrow in the current quarter after strong imports and a slump in exports widened it in the year’s second quarter, the central bank stated. Bank Indonesia added that the deficit probably widened to $8 billion, or 3.5% of the country’s gross domestic product, in the April-June period, from $5.3 billion, or 2.4% of GDP, in the prior three months. Total exports in the first five months of the year contracted 6.5%, the Central Statistics Agency (BSP) stated, while imports contracted 1.2%.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

1976.31

-34.54

-1.72

Hang Seng

21850.15

-118.80

-0.54

Jakarta Composite

4580.47

-78.41

-1.68

KLSE Composite

1798.78

-8.83

-0.49

Nikkei 225

13661.13

-468.85

-3.32

Straits Times

3236.97

0.87

0.03

KOSPI Composite

1899.89

-10.92

-0.57

Taiwan Weighted

8084.50

-64.90

-0.80

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