Most of Asian markets conclude Thursday’s trade in green

24 Oct 2013 Evaluate

The Asian markets barring Shanghai Composite and Hang Seng concluded Thursday’s trade in green after upbeat data from China showed manufacturing activity expanded to a seven-month high in October. The upbeat reading, however, did little to offset fears over the Chinese economy, as China’s interbank lending rate moved higher for a second day, reviving fears of a liquidity crunch in June. In addition, data showing a further rise in house prices earlier in the week increased concerns that Beijing could step in to cool down the market. China’s manufacturing is extending its rebound into October, according to a preliminary reading of the sector released. The flash reading of October’s China manufacturing Purchasing Managers’ Index (PMI) rose to a seven-month high of 50.9, up from September’s final reading of 50.2, though it remained just below the Chinese government’s own PMI, which hit 51.1 last month.

China’s gross domestic product (GDP) growth forecast has been raised to 7.6 percent from 7.5 percent for 2013. The report, released, also forecast GDP growth for the fourth quarter of 2013 to reach 7.5 percent year on year. Hong Kong’s trade balance fell more-than-expected last month. The Hong Kong Census and Statistics Department stated that Hong Kong Trade Balance fell to a seasonally adjusted -42.0B, from -39.6B in the preceding month.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2164.32	-18.78	-0.86
Hang Seng	22835.82	-164.13	-0.71
Jakarta Composite	4594.85	48.35	1.06
KLSE Composite	1818.93	4.82	0.27
Nikkei 225	14486.41	60.36	0.42
Straits Times	3217.95	13.15	0.41
KOSPI Composite	2046.69	10.94	0.54
Taiwan Weighted	8413.72	20.10	0.24

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