Asian Minors Flat/Down on Weak China Manufacturing
Most minor Asian indexes traded lower today on yet more negative data coming out of China. Markets with exposure to China, particularly with regards exports, saw a downward trend in today’s trading after manufacturing PMI disappointed.
Indonesia – The JCI traded down 0.93% today, losing a minor 43 points. Indonesia has seen a rough year so far in 2016 with the rupiah coming under intense pressure, and the JCI losing over 13% of its value YoY.
Malaysia – One country which saw a slight uptick despite weak China data was Malaysia. The FTSE KLCI was up over 2% in afternoon trade. Malaysia has Japan as a major trading partner, and with the uptick in the Nikkei on last week’s BoJ decision, expect Malaysia to follow whatever happens in Japan.
Philippines – The Philippines traded flat for today, with the PSEI edging 14 points (0.21%) upwards.
Singapore – Singapore stocks traded 0.08 lower today, with the STI dropping 23 points. Much of Singapore’s banking economy depends on a booming China, and with yet more negative signs coming out today, Singapore sticks were bound to slide slightly.
Thailand – Thailand’s SET50 traded flat for the day, losing only 1 point (0.08%).
Vietnam – In Vietnam stocks finished down 0.02%, trading largely flat for the day. Vietnam is usually susceptible to movements in China, with a large portion of their exports going to their northern neighbor.
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