The Asian markets barring Taiwan Weighted concluded Friday’s in green as bargain-hunters moved in after the previous session’s heavy losses, with investors taking a lead from Wall Street and a positive batch of US data. Japan’s Nikkei 225 was closed for trading on account of ‘Vernal Equinox Day’ holiday. Hong Kong’s Hang Seng Index concluded the week as one of the world’s worst performing major stock indexes, down 9% so far in 2014. China’s economy slowed this quarter, with industries including retail and mining showing weaker revenue growth while loans through non-traditional channels became more expensive. The report adds to signs that Premier Li Keqiang may face difficulties reaching an expansion target of 7.5% this year without stimulus. The State Council, or cabinet, stated this week that it will speed up construction projects and other measures to support the economy after data showed moderating growth in industrial production and investment.
Goldman Sachs has slashed its 2014 growth outlook for China to 7.3% from 7.6%, citing recent trade and consumption-data disappointments. For 2015, Goldman expects growth of 7.6% versus a prior forecast of 7.8%. Inflation, meanwhile, is seen at 2.6% for 2014, versus a prior view of 3%, while its 2015 outlook on inflation is unchanged at 3%. The Chinese government’s official growth target for 2014 is 7.5%.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2047.62 | 54.14 | 2.72 |
Hang Seng | 21436.70 | 254.54 | 1.20 |
Jakarta Composite | 4700.21 | 1.24 | 0.03 |
KLSE Composite | 1820.48 | 2.31 | 0.13 |
Nikkei 225 | - | - | - |
Straits Times | 3073.39 | 16.19 | 0.53 |
KOSPI Composite | 1934.94 | 15.42 | 0.80 |
Taiwan Weighted | 8577.17 | -20.16 | -0.23 |
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