Most of the Asian markets barring Nikkei 225 concluded Thursday’s trade in green. China’s stocks rose for a fifth day, the longest stretch of gains in a month, as banks and brokerages rallied on Premier Li Keqiang’s financial reform plans. Dismissing concerns of hard landing of China’s economy due to slowdown, Chinese Premier Li Keqiang reassured the world about the health of China’s economy saying the world’s second largest economy will reach the official target of 7.5% growth this year. Japan’s prime minister has decided to hike the nation’s sales tax next year, but will soften the blow with a $50-billion stimulus package aimed at protecting a budding economic recovery. Shinzo Abe, who has spearheaded a drive to turn around years of tepid growth, will press on with a plan to lift taxes to 8% from the current 5% in April.
Bank Indonesia raised interest rates by 25 basis points, defying market expectations and continuing a swift phase of hikes that has seen the central cost of borrowing increased four times in as many months. The rate now stands at 7.25%. South Korea’s central bank chief stated that the bank’s decision to keep the policy interest rate unchanged at 2.50% for a fourth straight month was made in a unanimous vote. The central bank last cut the benchmark rate by 25 basis points in May, and has left it unchanged since.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2255.60 | 14.34 | 0.64 |
Hang Seng | 22953.72 | 16.58 | 0.07 |
Jakarta Composite | 4356.60 | 7.19 | 0.17 |
KLSE Composite | 1772.40 | 3.92 | 0.22 |
Nikkei 225 | 14387.27 | -37.80 | -0.26 |
Straits Times | 3121.08 | 12.89 | 0.41 |
KOSPI Composite | 2004.06 | 0.21 | 0.01 |
Taiwan Weighted | 8225.36 | 16.37 | 0.20 |
