Most of the Asian equity indices slipped on Monday after US growth data came in below expectations and profit-takers cashed in recent gains. Moreover, investors adopted a cautious stance to await the outcome of talks on a Greek debt swap deal that is key to avoiding a messy default and yet another European summit. Greece appeared to be close to clinching a bond swap agreement with private creditors and Prime Minister Lucas Papademos sought backing from leading Greek party leaders for painful reforms.
Shanghai shares reopened with a loss, after an expected cut in the amount of cash banks are required to hold in reserve failed to materialize over the week-long Lunar New Year holiday, dragging bank shares lower while, Hong Kong shares snapped a six-session winning streak on Monday as investors sold some of this year's outperformers. Moreover, Japan's Nikkei share average slipped in early trade on Monday, weighed down by disappointing corporate earnings results, while U.S. fourth-quarter economic growth was weaker than expected though it grew at its fastest pace in 1-1/2 years.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,285.04 | -34.08 | -1.47 |
Hang Seng | 20,160.41 | -341.26 | -1.66 |
Jakarta Composite | 3,915.16 | -71.25 | -1.79 |
Nikkei 225 | 8,793.05 | -48.17 | -0.54 |
Straits Times | 2,888.29 | -27.97 | -0.96 |
Seoul Composite | 1,940.55 | -24.28 | -1.24 |
Taiwan Weighted | 7,407.41 | 173.72 | 2.40 |
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