Asian markets conclude Tuesday’s trade in green

08 Oct 2013 Evaluate

All the Asian markets concluded Tuesday’s trade in green despite a budget gridlock in Washington. Shanghai Composite resumed trading after the National Week public holiday. China’s non-manufacturing purchasing managers’ index (PMI) rose to 55.4 percent in September from 53.9 percent for August, according to official data released. A PMI reading of more than 50 percent indicates expansion in non-manufacturing activity, while a reading below 50 percent indicates contraction. Investors are now looking ahead to trade and inflation data, out over the weekend and early next week, to see whether China will produce further signs of an economic recovery that have helped support stocks in recent weeks.

Bank Indonesia held its benchmark reference rate unchanged for the first time since May, thanks to encouraging data and developments that have eased pressure on the ailing rupiah. Between June and September, the central bank had raised the rate 150 basis points to 7.25 percent to battle inflation and boost the battered currency. Indonesia’s current account deficit is likely to be 3.4% of gross domestic product this year, central bank governor stated. The deficit hit 4.4% of GDP in the second quarter, helping drive down sentiment about the rupiah, which is now Asia’s worst performing currency.

Japan’s current account balance rose less-than-expected last month. The Ministry of Finance stated that Japan’s Current Account rose to a seasonally adjusted 0.35T, from 0.33T in the preceding month. Hong Kong foreign currency reserve assets amounted to $303.5 billion at the end of September, down from $303.9 billion in August, the Monetary Authority reported. The total foreign currency reserve assets represent more than seven times the currency in circulation, or about 51% of Hong Kong dollar M3. The Monetary Authority of Singapore will probably refrain from easing monetary policy this month as taming inflation takes priority over reviving economic growth.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2198.20	23.53	1.08
Hang Seng	23178.85	204.90	0.89
Jakarta Composite	4432.51	57.55	1.32
KLSE Composite	1777.50	0.68	0.04
Nikkei 225	13894.61	41.29	0.30
Straits Times	3146.50	9.91	0.32
KOSPI Composite	2002.76	8.34	0.42
Taiwan Weighted	8375.65	41.99	0.50

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