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18 Apr 2014
Asia EM Express: Stocks climb on easing Ukraine tensions
FXStreet (Łódź) - Asian stocks were mostly higer on Friday, as Ukraine tensions eased somewhat following the meeting of EU, US, Ukrainian and Russian officials in Geneva, who agreed to seek peaceful solutions to the conflict.
South Korea’s Kospi Index rose 0.6%, Taiwan's Taiex added 0.2%, Thailand's SET Index gained 0.27% and Malaysia's benchmark Kuala Lumpur Composite Index edged up 0.06%. Markets in Indonesia, the Philippines, Singapore and Hong Kong remained closed for a holiday.
Meanwhile, China's benchmark Shanghai Composite Index dropped 0.4%, as disappointing House Price data spurred concerns of an ongoing growth slowdown in the country. Vietnam stocks also fell, by 0.92%.
China Securities Journal informed today that the Chinese government would keep monetary policy “neutral and relatively loose” in the nearest future in order to stabilize the economy. The news caused the 1-year interest-rate swap fall to 3.74%, the lowest since June.
Economic data
China's House Price Index growth slowed down for the third running month to 7.7% in March from 8.7% seen in February, according to data released today by the National Bureau of Statistics.
According to the TradeTheNews.com staff: “The report is yet another sign that Beijing was largely successful in curbing the overheating property sector, supporting the case for some of the recent reports of initiatives that would effectively unwind those measures.”
Technicals
The Chinese yuan dipped close to this month's low on Friday, as house price data showed further slowdown of Chinese economic activity. The yuan declined 0.18% this week, touching 6.2298 on Thursday, the lowest level seen since March 31.
Yesterday the USD/CNY daily FXStreet Trend Index was slightly bullish, and the OB/OS Index neutral. RSI was at 65 at the last close and has fell to 44 so far today. The Daily 2-StDev Volatility Bandwidth was shrinking at 79 pips, with ATR (14) shrinking at 98 pips. The 1D 200 SMA was at 6.1120, while the 1D 20 EMA was at 6.2041.
The South Korean won increased 1037.58 per dollar on Friday. The IMF said in a report that the currency was undervalued and that South Korea should limit intervention to halt its appreciation, allowing it to be market-determined.
South Korea’s Kospi Index rose 0.6%, Taiwan's Taiex added 0.2%, Thailand's SET Index gained 0.27% and Malaysia's benchmark Kuala Lumpur Composite Index edged up 0.06%. Markets in Indonesia, the Philippines, Singapore and Hong Kong remained closed for a holiday.
Meanwhile, China's benchmark Shanghai Composite Index dropped 0.4%, as disappointing House Price data spurred concerns of an ongoing growth slowdown in the country. Vietnam stocks also fell, by 0.92%.
China Securities Journal informed today that the Chinese government would keep monetary policy “neutral and relatively loose” in the nearest future in order to stabilize the economy. The news caused the 1-year interest-rate swap fall to 3.74%, the lowest since June.
Economic data
China's House Price Index growth slowed down for the third running month to 7.7% in March from 8.7% seen in February, according to data released today by the National Bureau of Statistics.
According to the TradeTheNews.com staff: “The report is yet another sign that Beijing was largely successful in curbing the overheating property sector, supporting the case for some of the recent reports of initiatives that would effectively unwind those measures.”
Technicals
The Chinese yuan dipped close to this month's low on Friday, as house price data showed further slowdown of Chinese economic activity. The yuan declined 0.18% this week, touching 6.2298 on Thursday, the lowest level seen since March 31.
Yesterday the USD/CNY daily FXStreet Trend Index was slightly bullish, and the OB/OS Index neutral. RSI was at 65 at the last close and has fell to 44 so far today. The Daily 2-StDev Volatility Bandwidth was shrinking at 79 pips, with ATR (14) shrinking at 98 pips. The 1D 200 SMA was at 6.1120, while the 1D 20 EMA was at 6.2041.
The South Korean won increased 1037.58 per dollar on Friday. The IMF said in a report that the currency was undervalued and that South Korea should limit intervention to halt its appreciation, allowing it to be market-determined.