Asian Markets Lead The Global Risk-Off Charge

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Asian Markets Lead The Global Risk-Off Charge

Asian Markets Lead The Global Risk-Off Charge

Asian markets had a big week across the board as Friday’s trading boosted the already logged advances to close the week out at both daily and weekly gains.

The leading Japanese Index, Nikkei 225, closed on Friday at 14,696.03, a 0.5% gain for the day and a 3.08% gain for the week. The day’s biggest gainer was silicon wafer manufacturer Sumco Corp (3436), which closed at 803.00, a massive 6.08% increase on Friday’s open on expectations of boosted demand for its wafers. Closely behind was Nichirei Corp (2871), closing the day at 442.00, a 4.25% gain on Friday’s open, on reports of an increased dividend.

Looking ahead, the Japanese Economic Ministry is set to report a raft of industrial production data on Sunday evening, with the headline industrial production (MoM) figure forecast at 0.3% growth versus a previous monthly figure of 3.8% growth.

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The Straits times Index, Singapore’s leading market index, followed a similar pattern, closing on Friday at 3,172.17, a 0.31% premium to the day’s open and a 2.25% gain for the week as a whole. The Singaporean real estate industry looked to boost the benchmark index heading into the weekend. Leading the charge on Friday was Hongkong Land Holdings Ltd. (H78.SI), closing Friday at 6.49, a 2.53% gain for the day and a 5.36% premium to the week’s open. The gain comes despite a sharp decline on Wednesday, during which the company logged its biggest daily loss in one week of 2.3%. Similarly, City Developments Limited (C09.SI) closed Friday at 10.02, a 2.14% gain for the day and a 5.58% gain for the week.

Economic data out of the region is relatively scarce heading into next week, with the only real market mover being Singapore manufacturing PMI (MoM). Consensus forecasts the figure at 50.9, a small increase over the previous month’s figure of 50.77. 

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com