Asian stocks suffered heavy losses on Thursday amid fresh
signs of a contraction in China's
economy and following the Federal Reserve's
decision to continue reducing its stimulus.
The final China HSBC purchasing manager's index (PMI) fell
to a new six-month low of 49.5 in January, from last week's preliminary
estimate of 49.6, confirming expectations of a slowdown in the world's second
largest economy.
China's Shanghai Composite shed 0.36 percent or 7.41 points
at 2,042.50 and Hong Kong's Hang Seng declined 1.46 percent or 324.16 points at
21,817.45.
Japan's Nikkei tumbled 3.18 percent or 488.68 points at
14,895.23 and Singapore's Straits Times fell 1.11 percent or 33.81 points at
3,014.12. Seoul Composite and Taiwan Weighted shut today. Meanwhile, a sell-off
on Wall Street overnight also weighed on sentiment.
The Dow Jones Industrial Average, S&P 500 and Nasdaq
shed over 1 percent each after the Fed opted to stick with its plan to trim its
monthly bond purchases, now down to USD 65 billion, regardless of recent
distress in emerging markets.
Stocks to Buy on 30th January 2014:
Buy Coal India, Target Rs. 265 and Stoploss Rs 245
Buy Asian Paints, Target Rs 496 and Stoploss Rs 484
Stocks to Sell Today on 30th January 2014:
Sell Mahindra and Mahindra, Target Rs 960 and Stoploss Rs 975
Sell Axis Bank, Target Rs 1095 and Stoploss Rs 1200
