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ASIA STOCKS: Markets Positive Despite US Uncertainty.

ASIA STOCKS
  • Asian equity markets were generally stronger today, despite the uncertainty emanating from the US election.
  • China markets were positive across the board with the CSI 300 up +0.70%, Shanghai Comp +0.50% and Shenzhen Comp +1.40%. Over the weekend Chinese authorities issued changes to their foreign investment rules, allowing lower threshold for investors.  This is view largely as a positive for the market at a time when Goldman Sach’s Prime Broker data shows hedge funds reducing their allocations to China.
  • In Korea, news that the Opposition Party will support the proposed drop in CGT for retail equity investors was greeted positively. The KOSPI was strong throughout the day up +1.45%.
  • Indonesia was the underperformer as the volatility in the currency and bond markets weigh heavy on the Jakarta Comp, down -0.90%.
  • In Malaysia the FTSE Malay has put in a strong start to the week up +0.50% ahead of this week’s Central Bank’s meeting. Market expects the BNM to be on hold as the country’s data has been strong and the economic outlook remains robust.
  • The Philippines market was weaker today following weaker than expected data.  The S&P PMI Manufacturing moderated to 52.9 for October, down from 53.7 in September. 
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