The Asian markets concluded Monday’s trade in red on disappointing Chinese trade data. Indonesia’s foreign reserves rose 2% last month, bolstered by persistent inflow of offshore funds, which were attracted to an improving economy. The reserves rose to $102.7 billion, the highest level in eight months, in February from $100.7 billion in January. An increase in foreign reserves is likely to bolster confidence in the markets even further. China’s Minister of Commerce stated that the country will meet its target of 7.5% growth in trade this year and also counseled a calm and responsible attitude when faced with rising trade disputes.
China’s exports unexpectedly fell 18.1% in February from a year earlier, leaving a trade deficit of $22.98 billion for the month. China’s posted a trade deficit in February compared with a surplus of $31.86 billion in January. On a Chinese currency basis, exports for the month were down 20.4% year on year while imports were up 7%. China’s consumer price index rose 2.0% in February from a year earlier, slower than a 2.5% on-year rise in January. The CPI also increased 0.5% in February from January. In January, it rose 1.0% from the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 1999.06 | -58.84 | -2.86 |
Hang Seng | 22264.93 | -395.56 | -1.75 |
Jakarta Composite | 4677.25 | -8.64 | -0.18 |
KLSE Composite | 1822.06 | -10.20 | -0.56 |
Nikkei 225 | 15120.14 | -153.93 | -1.01 |
Straits Times | 3121.97 | -14.29 | -0.46 |
KOSPI Composite | 1954.42 | -20.26 | -1.03 |
Taiwan Weighted | 8665.24 | -48.72 | -0.56 |