The benchmark equity indices in South Korea, Taiwan and Indonesia traded on a pessimistic note on the first trading session of 2012, on a day when majority of bourses in Asia remained shuttered for an extended New Year's holiday. Sentiments in the region were weak following over the weekend fall in US markets where shares fell around half a percent on lingering Euro-zone woes. The year 2011 remained one of the worse for investors as almost all Asian equity indices settled 2011 with brutal cuts.
Taiwanese benchmark remained the top laggard in the space as it traded with around one and half a percent losses on Monday. While stocks in South Korea traded with close to half a percent cuts on the back of reports that the country's manufacturing activity extended the declining streak for the fifth month in a row and slipped by the most in about three years. The nation’s President also warned the global economy was entering a new era of low growth.
Jakarta Composite declined 11.74 points or 0.31% to 3,810.25, Seoul Composite shed 8.75 points or 0.48% to 1,816.99 and Taiwan Weighted plunged 101.97 points or 1.44% to 6,970.11.
Stock markets in China, Hong Kong, Japan and Singapore remained shut for extended New Year holidays.
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