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Asian markets continue downtrend on Europe debt crisis fears

28 Dec 2011 Evaluate

Asian markets continued their downtrend for third consecutive day on Wednesday as unease over the eurozone debt crisis overshadowed a strong rise in consumer confidence in the United States. On the first full day of trade after Christmas holiday, eyes were on Italy, which will hold a debt auction later amid weakened confidence after lenders in Europe deposited a record amount with the central bank.

Meanwhile, Seoul shares closed with a cut of about a percentage point as profit-taking weighed on the market on ex-dividend day, with high-yield shares bearing the brunt. Moreover, Taiwan stocks fell 0.4 percent, but Evergreen Marine led shipping shares higher on news that it will strengthen cooperation with an international shipping alliance to boost business in Asia-Europe trade routes. However, China’s Shanghai Composite ended virtually flat on Wednesday, with strength in energy and securities shares helped the index to reverse early losses, but turnover remained low in holiday-thinned trade.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,170.01

3.81

0.18

Hang Seng

18,518.67

-110.50

-0.59

Jakarta Composite

3,769.21

-20.21

-0.53

Nikkei 225

8,423.62

-16.94

-0.20

Straits Times

2,666.25

-7.37

-0.28

Seoul Composite

1,825.12

-16.90

-0.92

Taiwan Weighted

7,056.67

-28.36

-0.40

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