The Asian markets concluded Thursday’s trade mostly in green with Japan’s Nikkei share average ending down to a 1-1/2-week low, erasing earlier gains after weaker-than-expected Chinese output and retail sales data disappointed the market. China’s central bank is prepared to take its strongest action since 2012 to loosen monetary policy if economic growth slows further, by cutting the amount of cash that banks must keep as reserves. The Bank of Korea left its key rate unchanged, supporting a rebound in growth as Kim Choong Soo gets ready to pass the reins to a new governor who will face risks from record household debt to US monetary tapering. The central bank has held the seven-day repurchase rate at 2.5% for a tenth straight month.
The data on retail sales and industrial production in China came in below forecast. Growth in industrial production in China slowed to 8.6% in the first two months of 2014, compared to a 9.7% expansion in December, and growth in retail sales narrowed to 11.8% from 13.1% in December. Chinese Fixed Asset Investment fell to a seasonally adjusted 17.9%, from 19.6% in the preceding month. Malaysian Industrial Production fell to a seasonally adjusted annual rate of 3.7%, from 4.8% in the preceding month while Japan’s Core Machinery Orders rose to 13.4%, from -15.7% in the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2019.11 | 21.42 | 1.07 |
Hang Seng | 21756.08 | -145.87 | -0.67 |
Jakarta Composite | 4726.17 | 41.78 | 0.89 |
KLSE Composite | 1818.86 | 0.26 | 0.01 |
Nikkei 225 | 14815.98 | -14.41 | -0.10 |
Straits Times | 3081.39 | -16.04 | -0.52 |
KOSPI Composite | 1934.38 | 1.84 | 0.10 |
Taiwan Weighted | 8747.79 | 63.06 | 0.73 |