Declining Index in Asian Market Due to High Oil Prices

market_watchIt is seeing quite ominous that Asian economic growth going downwards and showing the signs of economic depression just due to high oil and gasoline prices as oil reached at $143 per barrel.

The Chinese manufactures estimated that inflationary cycle could go prolong for a period of four years and so and it might white-wash the entire Asia.

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Meanwhile, Hong Kong brokerage CLSA Asia-Pacific Markets showed that The CLSA Purchasing Manufacturer’s index fell to 53.3 in June from 54.7 in May.

China’s Shanghai Composite fell by 3.1% to 2,696.18 accompanied by data viewing factory productivity badly demolished in June for the second month.

South Korean shares overturned gains after government data proved export growth rate declined to 17% in June from a year earlier lessening from a 27% expansion in May growth.

South Korea’s Kospi index fell by 0.5%, while Australia’s S&P/ASX 200 fell by 1.5% and New Zealand’s NZX-50 decreased by 0.6%.

Australia’s Central Bank kept its interim interest rate objective at a decade-high 7.25% Tuesday as projected. Meanwhile, Sydney-listed shares of Santos including AU, STO, News, Chart, and Profile fell down by 5.9%.

Markets in Hong Kong were stopped up for a public holiday. Taiwan’s Weighted Price Index fell by 1.5% and Singapore’s Straits Times fell down by 0.6% lower. In the meanwhile, target market in India, Vietnam, Hong Kong and Shanghai fell by 34%, 57 %, 21% and 48% respectively.

Somewhere else, Indonesia’s JSX composite was kept by 0.6%, India’s Sensex fell by 0.7% and Malaysia’s KLSE Composite eased up to 0.6%.

Crude-oil increased by $1.30 to $141.30 in electronic trading in late Tokyo business hours. Crude in August rushed forward up to a record $143.67 a barrel on the New York Mercantile Exchange Monday before let-up to end down 21 cents for the session.

In currencies, the yen changed by 106.29 against the U.S. dollar evaluated by 106.25 in late New York trading Monday and 106.17 late Friday.

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