The Asian markets concluded Friday’s trade in green on taking cues from Wall Street. Japan’s Nikkei gained after the yen weakened against the US dollar overnight. The greenback had climbed to trade at ¥102.11 in New York, after gaining a total of 0.7% in the previous session. Indonesia’s rupiah forwards were set for their best week in four on optimism the current-account deficit will narrow after the country recorded the largest trade surplus in two years and international reserves climbed. The current-account shortfall was probably below 2 percent of gross domestic product last quarter, from 3.8 percent in the previous period. Indonesia is considering tax breaks for investors in the nation’s corporate bonds. Malaysian Trade Balance fell to 9.50B, from 9.70B in the preceding month.
The services sector in China expanded in January at its weakest pace since August 2011 after companies achieved a smaller volume of new business. The HSBC/Markit Services Purchasing Managers' Index (PMI) dropped to 50.7 in January, a low last seen two and half years ago. China’s current account surplus in the fourth quarter of 2013 reached 305.4 billion yuan, the fifth straight quarter of surplus. The goods trade surplus reached 708.8 billion yuan while deficits were recorded in service trade and current transfers of 148.1 billion yuan and 21.8 billion yuan, respectively. Japan’s index of leading economic indicators rose to a seasonally adjusted 112.1, from 111.1 in the preceding month whose figure was revised up from 110.8.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2044.50 | 11.41 | 0.56 |
Hang Seng | 21636.85 | 213.72 | 1.00 |
Jakarta Composite | 4466.67 | 41.96 | 0.95 |
KLSE Composite | 1808.59 | 10.69 | 0.59 |
Nikkei 225 | 14462.41 | 307.29 | 2.17 |
Straits Times | 3013.14 | 24.87 | 0.83 |
KOSPI Composite | 1922.50 | 14.61 | 0.77 |
Taiwan Weighted | 8387.35 | 76.34 | 0.92 |
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