Most of the Asian stock markets are trading subdued in the early deals on Monday, with investors looking for direction. Concerns about the escalating violence in Iraq appear to be weighing on sentiment to a notable extent. On the regional front, the Japanese stock market dropped as concerns over Iraq resulted in a stronger yen on safe haven buying. Further, the Prime Minister Shinzo Abe’s pledge to cut corporate taxes failed to buoy investor sentiment. Among other markets in the Asia-Pacific region, Hong Kong, Malaysia, South Korea, Indonesia, Singapore, and Taiwan are trading marginally lower, while Shanghai is up slightly.
Nikkei 225 tumbled 160.15 points or 1.06% to 14,937.69, Hang Seng slipped by 22.52 points or 0.10% to 23,296.65, KOSPI Index declined 0.57 points or 0.03% to 1,990.28, Jakarta Composite dipped by 13.88 points or 0.28% to 4,912.78, Straits Times declined by 0.19 points or 0.01% to 3,293.06 and FTSE Bursa Malaysia KLCI was down by 3.74 points or 0.20% to 1,873.00.
On the flip side, Shanghai Composite was up by 3.82 points or 0.18% to 2,074.53.