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Stock Market / Finance in Asia

  • Fitch says Kazakh Eximbank has weak asset quality

    KAZAKHSTAN, 2015/09/24 Exim's IDRs are based on the bank's Viability Rating (VR), which reflects a narrow franchise, weak investment quality, high reliance on shareholders for funding and modest profitability. The ratings as well take into account currently solid capital ratios, the statement said. Exim is a part of a broader business of its shareholders, who are as well majority owners of one of the major private electricity companies in Kazakhstan, Central-Asian Electric-Power Corporation (CAEPCo, BB-/Outlook Negative). Fitch does not explicitly factor in support from CAEPCo into Exim's ratings, but the bank's credit profile benefits from the shareholder's ability to originate business for the bank on both sides of its balance sheet.

  • S&P says Kazakhstan's financial system vulnerable

    KAZAKHSTAN, 2015/09/15 Standard & Poor's Ratings Services affirmed its long-term foreign and local currency sovereign credit ratings on the Republic of Kazakhstan at 'BBB', the rating agency reported on September 14 At the same time the rating agency affirmed the short-term foreign and local currency ratings at 'A-2' and the Kazakhstan national scale rating at 'kzAA+'. The outlook on the long-term ratings remains negative. “The ratings on Kazakhstan continue to be supported by the general government's net investment position, which follows recent years of fiscal and external surpluses.

  • The devaluation of Kazakhstan's national currency,

    UZBEKISTAN, 2015/08/27 The devaluation of Kazakhstan's national currency, the tenge, will have no impact on the exchange rate of Uzbekistan's soum, Jahongir Abdurasulov believes. The official of the Central Bank of Uzbekistan told journalists on August 26 that the Kazakh tenge was devalued by 25 % and this was not a amaze for Uzbekistan. "The floating tenge rate will not impact us," he noted. The weighted average rate of tenge fell to 255.26 tenge per dollar from 188.38 tenge for the initial trades on the Kazakhstan Stock Exchange on August 19. Again on the following day, Kazakh Prime Minister Karim Massimov announced that Kazakhstan had launched a new monetary policy based on a free-floating tenge and canceled the currency corridor.

  • ADB Kazakhstan for implementing government programs

    KAZAKHSTAN, 2015/08/27 The Asian Development Bank has approved a loan for Kazakhstan worth $1 billion to assist the Central Asian country to continue implementing government programs aimed at strengthening the national economy in the face of recent challenges. “This loan from ADB’s Countercyclical Support Facility will give the country the fiscal leeway it needs to mitigate the unanticipated and significant negative impacts of the steep decline in world oil prices and the economic slowdown of the neighboring nations,” Lotte Schou-Zibell, Principal Economist in the Central and West Asia Department, said. “It will help the government modernize infrastructure and maintain spending programs for job creation, social services, support to low-gain households, and private sector development, particularly for small businesses.” The programs will be supported by transfers from the National Fund of Kazakhstan, ADB’s loan, and proposed funding from other development partners.

  • China dependent Latin American markets and currencies plunge on Monday

    CHINA, 2015/08/26 Mexico's IPC (Frankfurt: IPEN.F - news) index closed down 1.64%, regaining some ground next opening with losses of additional than six %. Argentine stocks closed down 6.3%, Chilean shares lost 2.77% and Colombian shares shed 3.52%. The losses appeared to be driven by concern over shrinking Chinese request for raw materials.Stock markets around Latin America posted heavy losses Monday as plunging Chinese shares unleashed fresh turmoil on global markets. In Brazil, home to the region's largest stock exchange, the IBOVESPA index in Sao Paulo closed down 3.03%, after plunging 6.49% in opening trade.

  • US stocks surge after China cuts rates

    CHINA, 2015/08/26 U.S. stocks surged in early trading Tuesday next mainland China's central bank cut its key interest rate in a bid to boost increase in the world's second-major economy. The move erased some of the stock market's heavy losses from a day before at the same time as concerns over a slowdown in China's economy rattled world markets and knocked down the Dow Jones industrial average by additional than 588 points. The Dow was up 349 points, or 2.2 %, to 16,221 as of 10:18 a.m. EDT in the U.S., while the Standard & Poor's 500 index gained 45 points, or 2.4 %, to 1,938. The Nasdaq composite rose 137 points, or 3 %, to 4,664.

  • Shanghai stocks slump, but Asian bourses bounce

    CHINA, 2015/08/25 Shanghai stocks tumbled on Tuesday, extending their steepest four-day rout in almost 20 years next worries about China's faltering economy sent world markets reeling, but other Asian stocks bounced back from heavy early losses. A slump in Chinese shares sparked panic across world markets on Monday, wiping some $2.7 trillion off world equities as markets from London to Buenos Aires were caught up in the plunge. The dollar hit a seven-month low against the yen in New York -- prompting a warning from Japan -- while US oil finished below $40 a barrel for the initial time in six years. Most Asian bourses cast off heavy early falls Tuesday as sentiment improved, with Hong Kong up 0.72 % in afternoon trading while Sydney added 1.96 % and Seoul climbed 0.96 %.

  • Kazakh president urges government to save budget funds

    KAZAKHSTAN, 2015/08/06 Kazakh President Nursultan Nazarbayev has urged the government to save budget funds at a conference with Prime Minister Karim Massimov and Chief of the Presidential Government Nurlan Nigmatullin, the press service of the president reported on August 3. "Due to the deteriorating market conditions, inclunding the lowering prices for our major export products, it is necessary to introduce general saving of funds. These measures should be provided in the next year's budget," the president said. President Nazarbayev further added that despite all the difficulties, the government should prevent the slowdown of economic increase and the worsening of the social situation of Kazakh citizens.

  • IMF Warns that Indian Companies Most at Risk with a Strong Dollar

    INDIA, 2015/08/03 The International Monetary Fund (IMF) recently conducted stress tests to model what result an appreciation in the price of the US dollar would have on economies around the world. In a somewhat surprising turn, those who fared worst in a world with a additional precious dollar were not exporters of goods to America or nations dependent on US goods, but rather, Indian businesses. The reason, according to the statement, was a possible worsening of borrowing costs and earnings. Troubling news for Indian businesses, as the dollar has been on a sustained track of appreciation.

  • Russia Prepares amid Greek and China Crises

    CHINA, 2015/08/02   In response to the Chinese and Greek crises, the Russian government is keeping a tighter lid on its currency, according to Bloomberg. The Bank of Russia purchased $200 million in daily reserves to increase the total all to $500 billion, which may take anywhere from five to seven years, and Russia has only purchased $7.4 billion thus far. Finance Minister Anton Siluanov stated that Russia is prepared to prevent any volatility in the country’s exchange rate. The Russian ruble remains weak, but producers are benefiting from a weaker currency, as Russia hopes to spur the economy forward. Rumors circulated that Russia was prepared to step in and rescue Greece, but it appears that the Russians are being additional careful in averting any risk. In a recent BRICS summit, which is an annual conference comprised of such nations as Russia, India, China and Brazil, the finance minister made no mention of Greece.
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