JKB Financial Services Ltd.

As on : 31-Dec-2024

Market Commentary - Foreign Markets
31-Dec-2024 17:00

China's Shanghai Composite index tumbles 1.63%

Asian stocks fell in thin holiday trade on Tuesday. Volumes were light amid holidays in Japan and South Korea. South Korea was closed for New Year's Eve holiday, while Japanese markets remain closed from Tuesday through Jan. 6.

Markets in Australia, New Zealand, Singapore and Hong Kong all closed early on New Year's Eve.

The U.S. dollar was firm and looked set to close out 2024 up over 6.5 percent, marking its best performance since 2015.

Gold held steady on the last trading day of the year and was on track for its best year in a decade with a more than 26 percent increase year-to-date.

Oil traded higher in Asian trade but was set for an annual decline.

China's Shanghai Composite index tumbled 1.63 percent to 3,351.76 after official data showed China's factory activity expanded at a slower pace in December. Hong Kong's Hang Seng index finished marginally higher at 20,059.95.

China's manufacturing Purchasing Managers' Index dropped to 50.1 in December from 50.3 in the previous month. At the same time, the non-manufacturing PMI advanced more-than-expected to 52.2 from 50.0 a month ago.

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