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

04 Sep 2013 Evaluate

Most of the Asian markets barring Shanghai Composite and Nikkei 225 concluded Wednesday’s trade in red amid renewed concerns over US military intervention in Syria which weighed on sentiment. Seoul shares also slipped on profit-taking following a recent rally, but firm market fundamentals contained losses. Foreign investors turned net sellers for the first time since August 22. They sold a net 5.8 billion won ($5.28 million) of local stocks. Indonesia’s finance minister has called on the US Federal Reserve to provide more clarity about when it will wind down its stimulus program. Southeast Asia’s biggest economy and other emerging markets have been hit by huge outflows of foreign cash since May when the Fed first signaled it may taper off the $85 billion a month bond-buying program.

The HSBC China Services Purchasing Managers’ Index rose to 52.8 in August, hitting a five-month high and rising from 51.3 in July, HSBC Holdings PLC stated. The HSBC China Services PMI accelerated in August thanks to the growth of new business. A reading above 50 in the gauge of nationwide service-sector activity indicates on-month expansion. The HSBC China Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in more than 400 private service-sector companies. Chinese Premier Li Keqiang stated that the country is on track to fulfill its growth target of 7.5% this year and the country will see a diamond decade of closer cooperation with ASEAN members.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2127.62

4.51

0.21

Hang Seng

22326.22

-68.36

-0.31

Jakarta Composite

4073.46

-90.56

-2.17

KLSE Composite

1716.76

-7.45

-0.43

Nikkei 225

14053.87

75.43

0.54

Straits Times

3015.42

-39.36

-1.29

KOSPI Composite

1933.03

-0.71

-0.04

Taiwan Weighted

8083.44

-4.93

-0.06

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