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China's non-manufacturing sector is still growing at a relatively fast pace, as shown by data released on Monday.
The purchasing managers index (PMI) for the non-manufacturing sector stood at 54.3 percent in May, down from 54.5 percent for April, the National Bureau of Statistics and the China Federation of Logistics and Purchasing (CFLP) said.
A PMI reading above 50 percent indicates expansion, while a reading below 50 percent indicates contraction.
"The non-manufacturing PMI stood above 54 percent in May, indicating the sector is still growing at a relatively fast pace," said Cai Jin, vice chairman of CFLP.
As the country's manufacturing PMI also stayed above the boom-bust line of 50 percent last month, China is still experiencing steady economic growth, Cai said.
China's PMI for the manufacturing sector rose to 50.8 percent in May from 50.6 percent in April, the CFLP said on Saturday.
Malindo Air expects to carry more than a million passengers by year end.
"Based on the take-up so far, I won't be surprised if we reach one million passengers by year end," head of corporate sales and governmental relations Raja Sa'adi Raja Amrin said.
He was speaking to reporters at Malindo's inaugural flight to Kota Bharu on Monday.
In May, Malindo recorded 100,00 passengers, which was double the number in April. It began operating on March 23 this year.
Raja Sa'adi said by year-end, Malindo's fleet would consist of four ATR72-600 propeller aircraft and 10 B737-900ER planes.
"With Hari Raya coming up, as well as the addition in aircraft, it is not impossible for us to reach one million passengers," he said
The hybrid airline also plans to start operating flights to India and Singapore after August.
The FTSE Straits Times Index (STI) ended -20.29 points lower or -0.61% lower to 3,291.08, taking the year-to-date performance to +3.92%.
The FTSE ST Mid Cap Index declined -0.16% while the FTSE ST Small Cap Index declined -0.12%.
The top active stocks were Ramba (+28.93%), Singtel (unchanged), DBS (-1.81%), OCBC Bk (+1.55%), and UOB (+1.96%).
The outperforming sectors today were represented by the FTSE ST Utilities which gained +0.33%. The two biggest stocks of the Utilities Index are Gallant Venture (+2.90%) and Hyflux (+1.12%). The underperforming sector, FTSE ST Health Care, declined -1.27% with Biosensors declining -1.26% and Raffles Medical Group declining -1.21%. The FTSE ST Real Estate Index declined -0.29% and the FTSE ST Consumer Services declined -0.68%.
The three most active Exchange Traded Funds (ETFs) by value today were IS MSCI INDIA 100 (-1.62%), SPDR GOLD SHARES (-1.13%) and DBXT CSI300 ETF 10 (-1.70%).
The three most active Real Estate Investment Trusts (REITs) by value were Ascendasreit (+1.72%), CapitaComm (-0.66%) and CapitaMall (-1.40%).
The most active index warrants by value today were HSI22800MBeCW130730 (-12.37%), HSI22200MBePW130627 (+14.44%) and HSI23000MBePW130627 (+9.77%).
The most active stock warrants by value today were HSBC UB eCW130916 (-1.21%), DBS MB eCW131001 (-15.91%), and OCBC Bk MBeCW131101 (+6.10%).
Yesterday in Asia
Tokyo, which fell more than five percent last week, was down 512.72 points at 13,261.82, continuing volatile trading that has seen a series of sharp drops.
Seoul fell 0.57 percent, or 11.48 points, to close at 1,989.57, and Sydney dropped 0.78 percent, or 38.3 points, to end at 4,888.3.
Shanghai ended flat, edging down 0.06 percent, or 1.34 points, to 2,299.25, and Hong Kong dropped 0.49 percent, or 109.97 points, to 22,282.19.
– Manila plunged 3.68 percent, or 258.57 points, to close at 6,763.38.
Ayala Land Inc. fell 7.2 percent to close at 31.30 pesos. Philippine Long Distance Telephone Co. dropped 3.5 percent to close at 2,988 pesos.
– Taipei dropped 0.65 percent, or 53.78 points, to 8201.02.
– Bangkok dropped 1.46 percent, or 22.81 points, to 1,539.26.
Airports of Thailand plunged 10.27 percent to 166 baht, while telecoms company True Corp. lost 7.21 percent to 10.30 baht.
– Jakarta closed down 1.92 percent, or 97.27 points, at 4,971.35.
Retailer Hero Supermarket dropped 7.50 percent to 3,700 rupiah, while Bank Permata gained 0.59 percent to 1,710 rupiah.
– Kuala Lumpur eased 2.89 points, or 0.16 percent, to close at 1,766.33.
UEM Land fell 2.6 percent to 3.40 ringgit while Hong Leong Bank closed 2.5 percent lower at 13.82. Felda Global Ventures Holdings rose 2.0 percent to 4.50 ringgit.
– Mumbai slid 0.79 percent or 149.82 points, to 19,610.48 points.
Motorcycle maker Bajaj Auto fell 3.32 percent to 1,762.2 rupees while Sun Pharma slid 2.68 percent to 1,017.5 rupees.
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager/Snr Partner
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