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Asian markets resume downtrend on gloomy global cues

19 Dec 2011 Evaluate

Asian stocks resumed the declining trend on Monday and snapped the session on a daunting note. Most indices in the region settled with large cuts in the range of 1-4% in the session as sentiments not only got dented from discouraging developments from the European front but also reports of the death of mercurial North Korea's leader Kim Jong Il added to uncertainties facing markets in the region. Earlier in the session, reports that Moody’s slashed the Belgium’s credit rating to Aa3 with a negative outlook, from Aa1, undermined sentiments which led investors to flee from risky asset classes like equities. Investors also took profits off the table ahead of EU finance ministers’ talk on the region’s debt crisis, scheduled later in the day.

Seoul shares got thrashed by around three and half a percent, after North Korean state television said North Korean leader Kim Jong-il had died, sending most heavyweight stocks including Samsung Electronics tumbling. Tokyo stocks too closed sharply lower after falling over a percentage points.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,217.95

6.89

-0.31

Hang Seng

18,070.21

215.18

-1.18

Jakarta Composite

3,770.29

1.93

0.05

Nikkei 225

8,296.12

105.60

-1.26

Straits Times

2,618.09

41.13

-1.55

Seoul Composite

1,776.93

63.03

-3.43

Taiwan Weighted

6,633.33

151.76

-2.24

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