Most of the Asian markets conclude Monday’s trade in green

The Asian markets concluded Monday’s trade mostly in green with mainland Chinese shares jumping amid better-than-expected results from some Chinese firms and reassuring comments on the country’s economic growth. The National Bureau of Statistics spokesman stated that the country will achieve its growth target of 7.5% for this year. Seoul shares rose to their highest closing in a week as Auto and Tech issues rallied on bargain hunting led by foreigners after Friday’s euro zone data brightened the global economic growth outlook. Hang Seng too concluded the trade in green. The median monthly household income in Hong Kong for April to June was $21,900, down from $22,000 reported in the first quarter, the Census & Statistics Department stated. In the second quarter, 6.7% of domestic households had a monthly household income of $80,000 and over, while 16.2% of domestic households had monthly household income of less than $8,000. Japan’s Nikkei average edged down on uncertainties over a planned sales tax hike.

In Indonesia, Finance Minister M. Chatib Basri stated that even as the country is facing a widening current account deficit and the rupiah slips in line with other currencies in the region, it isn’t in a crisis. Separately, the director general for international industrial cooperation at the Industry Ministry stated that despite government efforts to improve value-added manufacturing to make use of Indonesia’s rich natural resources, slow demand from abroad and a weak currency have put a temporary break on the nation’s industrial production. A weakened currency is making it expensive for some manufacturers to import raw materials to make goods such as electronics and garments and shoes. The rupiah has fallen 12% against the US dollar this year.