Most of the Asian markets concluded Wednesday’s trade in green despite stalemate in Washington which increased fears that the world’s largest economy might breach the federal debt ceiling, causing the Treasury to default on debt. South Korea Stock Exchange was closed today on account of ‘Hangul Day’. Indonesia’s rupiah forwards fell the most in more than a week on concern that slowing global economic growth will hurt the nation’s exports, which dropped for a 17th month in August. The International Monetary Fund cut its expansion outlook for the global economy this year to 2.9 percent from an earlier projection of 3.1 percent.
The IMF cuts its growth forecast for China, Indonesia’s biggest overseas market, to 7.3 percent next year from an April projection of 8.2 percent. The IMF reduced its prediction for 2014 growth in Japan, Indonesia’s No. 2 export destination, to 1.2 percent from 1.4 percent. The Washington-based lender cut its expansion forecast this year for Indonesia to 5.3 percent from 6.3 percent and for 2014 to 5.5 percent from 6.4 percent. The HSBC China Services Business Activity Index, a gauge of operating conditions in service firms geared toward private enterprises, was 52.4 last month, down from 52.8 in August. Activity in private service companies grew at a slower pace in September, indicating weakness in China’s economy although it has been recovering strongly in the past few months.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2211.77 | 13.57 | 0.62 |
Hang Seng | 23033.97 | -144.88 | -0.63 |
Jakarta Composite | 4457.44 | 24.93 | 0.56 |
KLSE Composite | 1769.12 | -8.38 | -0.47 |
Nikkei 225 | 14037.84 | 143.23 | 1.03 |
Straits Times | 3154.84 | 8.34 | 0.27 |
KOSPI Composite | - | - | - |
Taiwan Weighted | 8344.73 | -30.92 | -0.37 |
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