Most of the Asian markets conclude Thursday’s trade in red

22 Aug 2013 Evaluate

All the Asian markets barring Hang Seng concluded Thursday’s trade in red. The Asian markets stocks however came off their lows as a surprise improvement in Chinese manufacturing helped cheer investors after minutes of the Federal Reserve’s last meeting signaled the central bank was on course to pare bond purchases this year. China shares surrendered while Seoul shares slumped to their weakest close in six weeks as investors remained worried about capital outflows from Asian markets despite a manufacturing survey that gave encouragement that the Chinese economy was stabilizing. Philippine stocks plunged as investors returned for the first time this week after severe floods and a public holiday kept the market closed this week through Wednesday. Hong Kong shares reversed early losses and ended higher, as investors covered recent shorts after positive European and China manufacturing surveys gave support to cyclical stocks.

China’s manufacturing activity is swinging out of contraction this month, according to a preliminary reading of HSBC’s Purchasing Managers’ Index, released. The flash reading of the China manufacturing PMI, compiled by HSBC and Markit, rebounded to a four-month high of 50.1 from a final reading of 47.7 in July, an 11-month low. A reading below 50 indicates contraction in sector activity, while one above 50 shows growth. The flash PMI is typically based on 85% to 90% of the total responses to the survey, with the final reading due out at the beginning of next month. Besides, Business sentiment of Chinese small- and medium-sized enterprises weakened in the second quarter amid economic slowdown, as the SMEs’ confidence in operation, investment and financing conditions dropped. The overall quarterly measure of Chinese SMEs’ confidence retreated 4.47 percentage points to 52.04, after its surge in the first quarter. A reading above 50 means the SMEs feel confident about future conditions.

In Indonesia, the rupiah hit a four-year low yesterday to its weakest since April 2009, and forwards markets pointed to further declines for what is already the second-worst performing emerging market currency in Asia, on fears that the US Federal Reserve will soon begin to pare back stimulus. Separately, President Susilo Bambang Yudhoyono stated that his administration would announce a policy package on Friday to deal with the slowing economy and volatility in the financial markets. The president acknowledged that the government is having difficulty reaching its target of 6.3% economic expansion this year.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2067.12	-5.84	-0.28
Hang Seng	21895.40	77.67	0.36
Jakarta Composite	4171.41	-47.04	-1.11
KLSE Composite	1720.37	-24.48	-1.40
Nikkei 225	13365.17	-59.16	-0.44
Straits Times	3089.40	-19.59	-0.63
KOSPI Composite	1849.12	-18.34	-0.98
Taiwan Weighted	7814.38	-18.27	-0.23

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