Most of the Asian markets concluded Wednesday’s trade in red. South Korean and Hong Kong stocks dropped as investors awaited details of discussions at the Federal Reserve’s last policy meeting to gauge when the US central bank might pare its bond purchases. China shares ended flat with positive bias dragged by weakness in financials and property counters ahead of economic survey that could offer clues on how the Chinese economy is doing. Japan's Nikkei share average bounced back from a seven-week low as concerns that capital outflows from Asia will accelerate as the Federal Reserve starts tapering its monetary stimulus slightly eased. The Taiwan Stock Exchange Corporation was closed today due to Typhoon TRAMI.
Indonesian consumers have become less rosy in their view of the economy since the government raised the price of subsidized gasoline in June, a Bank Indonesia report revealed. The Central Bank’s consumer confidence index based on a survey of 4,600 households in 18 major cities fell by 8.7 points to 108 in July, the lowest level in 14 months. The index stood at 117 in June. A score above 100 means consumers are generally optimistic about the economy. Besides, Bank Indonesia’s recent increases in its key interest rate, which is expected to also drive up commercial lending rates, may drag down domestic direct investment, the national investment promotion agency reported. The central bank raised its benchmark interest rate by 75 basis points to 6.50% in June and July in an effort to combat soaring inflation. The bank kept the rate steady in August. The government would announce a policy package on Friday to combat growing inflation and job losses in Southeast Asia’s largest economy.
Taiwan’s export orders rose slightly in July, ending five successive monthly drops, on improving demand from major markets including the United States and the Chinese mainland, authorities stated. The July figure was $36.11 billion, up 0.5% year on year and up 2.9% from the previous month. Orders from the Association of Southeast Asian Nations economies rose 3.7% year on year, while those from the US and the mainland were also up 2.8% and 2%, respectively, from a year ago.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2072.96 | 0.37 | 0.02 |
Hang Seng | 21817.73 | -152.56 | -0.69 |
Jakarta Composite | 4218.45 | 43.47 | 1.04 |
KLSE Composite | 1744.85 | -0.57 | -0.03 |
Nikkei 225 | 13424.33 | 27.95 | 0.21 |
Straits Times | 3108.99 | -19.76 | -0.63 |
KOSPI Composite | 1867.46 | -20.39 | -1.08 |
Taiwan Weighted | - | - | - |
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