The Asian markets barring Nikkei 225 and Straits Times concluded Wednesday’s trade in green with Chinese stocks moving higher on financial reform hopes. The head of China’s central bank assured the market of more financial reforms, including free deposit rates and a more flexible currency. People’s Bank of China head Zhou Xiaochuan also stated that China will allow more foreign institutions to invest in the domestic stock and bond markets. He added that China will not ease monetary policies but will speed up reforms in liberalizing interest rates and realizing capital account convertibility. Indonesia’s president stated that the economy is expected to grow 5% year-on-year in the fourth quarter if the US Federal Reserve starts trimming its massive stimulus program, the slowest pace in more than four years. Gross domestic product (GDP) in the G20 economy expanded by 5.62% in the previous quarter. Five percent growth would be the lowest since the third quarter of 2009.
Hong Kong’s total exports’ value rose by 8.8% to $323.1 billion in October over a year earlier, compared to a year-on-year increase of 1.5% in September, the Census & Statistics Department reported. Within this total, re-exports’ value rose 9.1% to $318.7 billion, while that of domestic exports fell 7.7% to $4.5 billion. For the first 10 months of 2013, total exports’ value rose 3.8% over the same period in 2012. Industrial production in Singapore fell more-than-expected last month. The Statistics Singapore stated that Singaporean Industrial Production fell to an annual rate of 8.0%, from 9.2% in the preceding month whose figure was revised down from 9.3%.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2201.07 | 18.00 | 0.82 |
Hang Seng | 23806.35 | 125.07 | 0.53 |
Jakarta Composite | 4251.49 | 16.23 | 0.38 |
KLSE Composite | 1798.46 | 0.33 | 0.02 |
Nikkei 225 | 15449.63 | -65.61 | -0.42 |
Straits Times | 3172.06 | -1.45 | -0.05 |
KOSPI Composite | 2028.81 | 6.17 | 0.31 |
Taiwan Weighted | 8295.88 | 47.86 | 0.58 |
