The Asian markets concluded Tuesday’s trade on a mixed note with shares in Shanghai and Hong Kong closed in red after rallying yesterday on Chinese reform blueprint that pledged a greater role for private firms in the economy. Hong Kong Financial Secretary John Tsang stated that the country will not experience stagflation - slow economic growth coupled with high inflation - as external economic conditions are not particularly weak, and inflation is not serious. He added that GDP was 2.9% in Q2 and 3% for the first half of the year, while the rise in inflation was not high.
Consumer confidence in China continued to pick up in the third quarter, as consumers from small cities grew more optimistic about their financial conditions and were willing to spend more against the backdrop of a modest economic recovery. China’s consumer confidence index stood at 110 in the third quarter, steady from the second quarter and up from 106 in the third quarter of 2012. China attracted $8.42 billion worth of foreign direct investment in October, up 1.24% from a year earlier. FDI in the January-October period rose 5.77% from a year earlier to $97.03 billion.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2193.12 | -4.09 | -0.19 |
Hang Seng | 23657.81 | -2.25 | -0.01 |
Jakarta Composite | 4398.34 | 4.74 | 0.11 |
KLSE Composite | 1807.16 | 14.77 | 0.82 |
Nikkei 225 | 15126.56 | -37.74 | -0.25 |
Straits Times | 3192.08 | -10.95 | -0.34 |
KOSPI Composite | 2031.64 | 20.83 | 1.04 |
Taiwan Weighted | 8260.21 | 68.75 | 0.84 |
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