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Asian markets conclude Tuesday’s trade in green

01 Oct 2013 Evaluate

The Asian markets concluded Tuesday’s trade in green following modest sell-off sparked after deadline for US government shutdown passed. Hong Kong market was closed on account of National Day while Shanghai Stock Market will remain close from October 1 on account of National Day and will open for trading on October 8. Japanese Prime Minister Shinzo Abe proceeded with an April sales-tax increase and will implement a stimulus program as he tries to rein in the world’s biggest debt burden without jeopardizing efforts to end deflation. Sentiment among large Japanese companies sharply improved in the three months to September, the Bank of Japan’s Tankan survey showed. The Tankan Manufacturing index rose to a seasonally adjusted 12 from 4 in the preceding quarter.

Indonesia recorded a surprise trade surplus for August, its first in five months, offering some relief to the ailing rupiah, but the country’s current account deficit will likely keep weighing on Asia’s weakest currency this year. Southeast Asia’s largest economy had a trade surplus of $130 million in August, compared with a record $2.3 billion deficit the previous month. Indonesia’s consumer price index rose 8.40% in September year on year, the Central Statistics Agency (BPS) reported. That was down from the 8.79% increase in August. Indonesian President Susilo Bambang Yudhoyono’s administration plans to release additional economic measures to the raft of policies announced in August, as the government seeks to address weakening economic growth and a depreciating rupiah.

Hong Kong’s government spending from April to August amounted to $170.3 billion, while revenue collected totaled $126.3 billion, resulting in a $44 billion deficit. Financial Services & the Treasury Bureau stated that the deficit was mainly because some major types of revenue, including salaries and profits taxes, were mostly received towards the end of a financial year. The fiscal reserves stood at $689.9 billion as at August 31. South Korea’s trade balance fell more-than-expected to a seasonally adjusted 3.71B, from 4.85B in the preceding quarter.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

-

-

-

Hang Seng

-

-

-

Jakarta Composite

4345.90

29.72

0.69

KLSE Composite

1769.03

0.41

0.02

Nikkei 225

14484.72

28.92

0.20

Straits Times

3181.50

13.63

0.43

KOSPI Composite

1998.87

1.91

0.10

Taiwan Weighted

8187.02

13.15

0.16

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