Koyal Group

Koyal Group Reports Indonesia Rebounds as India Falls Further

The Asian markets had a mixed performance as they positioned themselves for the release of the Fed´s minutes. Indonesia´s finally rose after 4 straight losing sessions, but the Indian Rupee hit another all-time low against the dollar.


Sumida-ku, Tokyo -- (ReleaseWire) -- 10/07/2013 --In Hong Kong, the Hang Seng fell 0.7%, while the Chinese mainland´s Shanghai Composite finished with a negligible gain. Japan´s Nikkei Stock Average finished the day 0.2% higher and in Seoul the Kospi lost 1.1%. In Sydney, the S&P/ASX 200 closed 0.4% higher. Analysts at Koyal Group believe that the data suggests that the US Federal Reserve will began tapering its bond buying program and the markets are positioning themselves for that eventuality.

Indonesia´s JSX rose 1.6% after suffering substantial loses on Monday falling 5.6% and 3.2% on Tuesday. Investors in the country were concerned over sub-par local economic data and rising yields from the US Treasury, believing that foreign funds would be taken out of the market.

India´s S&P BSE Sensex Index fell to its lowest level in over a year, finishing the day down 1.96% to close at 17,905.91. There has been a 4% drop on the index this week. Not only did the Sensex hit a yearly low, the Rupee fell to a new all-time low against the US Dollar from 64.53 rupees to 64.08.

Among notable movers were Tokyo Electric Power Co. fell 9.3% after it was reported that 300 metric tons of extremely radioactive water leaked from its damaged Fukushima nuclear power plant. The government has declared the situation as “serious.” In Hong Kong, drilling firm Cnooc Ltd. climbed 5% after it announced a 7.9% rise in first half of the year profits, caused by an increase gas and oil production. In Australia, BHP Billiton Ltd. shares dropped 2.2% as the mining company reported a 30% decline in fiscal year ended June 30th profits driven by a drop in commodities prices.