(MENAFN– ecpulse)
Asian stocks were mostly higher on the final day of 2013 but volumes were thin with markets in Japan, South Korea, Taiwan, Indonesia, Thailand, the Philippines and Vietnam being closed for holidays.
The global equity markets soared by more than $9 trillion in 2013 as central bank stimulus helped the US economy gain momentum, Europe recovered from its longest-ever recession while Japan’s currency hit a five-year low.
- The MSCI Asia Pacific Index excluding Japan rose 0.2% to 467.83 as of 13:01 in Hong Kong
In China stocks rose to the highest level in over a week as strong gains in financials overshadowed fears of strained liquidity. China’s state auditor said in a report that local governments owe nearly $3 trillion.
- Shanghai Composite closed 0.88% higher at 2115.98
- Hong Kong’s Hang Seng closed 0.26% higher at 23306.39
In Australia stocks were little changed in a shortened session for New Year`s Eve. Weighing on the benchmark index were gold miners who fell as the precious metal prices headed for their biggest annual loss in 23 years.
- The S&P/ASX 200 closed 0.09% lower at 5352.21
The performance of major Asian equities in 2013:
- Japan’s Nikkei was the best performer rising by 57% in 2013, the best yearly gains since 1972 due to Prime Minister Shinzo Abe`s radical economic policies that pushed the yen to the lowest in five years against the greenback above 105.00. The yen is heading for a 17% decline against the dollar, its steepest annual drop since 1979.
- Australia’s S&P/ASX 200 was the second best-performing major market in Asia after the Nikkei as it posted a 15% gain in 2013, the biggest annual advance in 4 years.
- China’s Shanghai Composite fell 7.6% in 2013, making it one of Asia`s worst-performing markets, amid concerns growth in the world’s second-largest economy will slow while higher money-market rates are boosting lending costs for companies.
- Hong Kong’s Hang Seng Index advanced by 2.9% in 2013.
- South Korea’s Kospi advanced by 0.7% in 2013.
- New Zealand’s NZX 50 Index advanced by 16% in 2013.
- India’s S &P BSE Sensex Index gained reached a record high in December and advanced by 9.1% in 2013.
- The MSCI Asia Pacific Index gained 8.9% in 2013.
- The MSCI Asia Pacific Index excluding Japan gained 0.4% in 2013.
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