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Asian equities witness consolidation ahead of US jobs data

02 Dec 2011 Evaluate

After rallying on a move by the world’s central banks to ease funding strains among banks, most of the Asian equity indices witnessed consolidation on Friday ahead of the US nonfarm payrolls report later in the global day. However, most of the Asian equity indices opened on subdued note as market participants opted to book their profits after Thursday’s sharp upsurge.

The Nikkei average edged higher over half a percent, with investors focused on whether the benchmark can hold above its 25-day moving average. However, Chinese benchmark declined over a percentage point as heavyweight banks fell in Shanghai on concerns about a decline in new yuan loans. Moreover, investors also remained worried over the sharp declines in real estate prices and the deceleration in manufacturing activity in November too underscored the fact that world’s second largest economy is experiencing soft landing while, Taiwan stocks down over half a percent on Friday, dragged down by defensive plays such as glass and ceramics and cement counters.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,360.66

-26.20

-1.10

Hang Seng

19,040.39

38.13

0.20

Jakarta Composite

3,779.84

-1.26

-0.03

KLSE Composite

1,489.02

3.76

0.25

Nikkei 225

8,643.75

46.37

0.54

Straits Times

2,773.36

11.48

0.42

Seoul Composite

1,916.04

-0.14

-0.01

Taiwan Weighted

7,140.68

-38.01

-0.53

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