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Asian markets conclude Wednesday’s trade in red

11 Dec 2013 Evaluate

The Asian markets concluded Wednesday’s trade in red as liberalization pressure weighed on Chinese banks, while a stronger yen weighed on Japanese stocks. The Shanghai Composite lost and Hong Kong’s Hang Seng Index dropped after news that China’s four state-owned banks and a former state policy bank will issue a total of 19 billion yuan ($3.1 billion) worth of negotiable certificates of deposit - another step in China’s move toward liberalized interest rates, raising concerns about short-term pressure on bank profits. Indonesian businesses expressed concern that the government’s plan to impose higher taxes on shipments of goods from abroad may drag down earnings of importers and hurt consumer spending.

New home purchases in China continued to rise at a slow pace in the first 11 months of this year. The value of new homes sold across the country between January and November rose 31.1% percent on-year to 5.87 trillion yuan ($962 billion), slower than the 32.6-percent growth in the first 10 months and a 34.5-percent gain in the first three quarters. Japanese core machinery orders rose 0.6% in October from the previous month as some demand ahead of a planned sales tax hike leveled off. The rise was squarely in line with the 0.6% rise expected. It also came after a 2.1% decline in September.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2204.17

-33.33

-1.49

Hang Seng

23338.24

-405.95

-1.71

Jakarta Composite

4271.74

-3.94

-0.09

KLSE Composite

1842.82

-1.03

-0.06

Nikkei 225

15515.06

-96.25

-0.62

Straits Times

3060.74

-20.98

-0.68

KOSPI Composite

1977.97

-15.48

-0.78

Taiwan Weighted

8433.77

-9.62

-0.11

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