Asian Markets Hit Hard this Morning

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Asian Markets Hit Hard this Morning
Asian Markets Hit Hard this Morning

Asian Markets Hit Hard this Morning

The stocks in the Asian market took a dip early today in the Asian session as the Chinese manufacturing data failed to meet the investors’ expectations where the manufacturing index figure stood still at its previous month’s level.

Moreover, the regional index of equities also dropped from a three-week high level on this news, but traders are taking this move as a bearish correction for its bullish move taken in December, as the outlook remains bullish.

Hong Kong

The shares of Industrial & Commercial bank of China plunged by nearly 1.2% in Hong Kong, which is the biggest lending bank of the nation, as a result of the perception that since the manufacturing is stagnant so the number of borrowers would decline, hence leading to lower down the profits for the bank.

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Automakers look Bearish

In other news, Hyundai Motor and Kia Motors witnessed a loss of around 4.7% in their share-price value as the sales forecast made by the largest automobile companies of South Korea was at its weakest in the past eight years.

Thailand’s Unrest

Thailand’s unrest is still going on where protestors are wary of their current leadership and want their leaders to step down, hence causing the SET index of Thailand to lose around 1.4%, which is the lowest close since August. Considering this, it certainly is not a good start for the Thai stock market for the New Year. However, the members of the biggest political parties are set to meet the Election Commission to discuss the ways to ease down the country’s political turmoil.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com