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Asian markets end lower on Greece bailout fears

10 Feb 2012 Evaluate

All the Asian equity indices barring Shanghai Composite snapped the day’s trade in the negative terrain on last trading day of the week as traders grew nervous over Greece’s chances of avoiding a default after euro-zone chiefs withheld a new bailout. Moreover, data showing a sharp drop in Chinese imports added another layer of caution to markets already confronting a dour earnings season. Imports plunged 15.3 percent, leaving China with a trade surplus of $27.3 billion on the month. However, the numbers were significantly distorted by China's New Year holiday last month, which brought the country's businesses to a standstill for a full week.

Tokyo shares closed down 0.61 percent on Friday, after the euro sagged against the yen because of the lack of finality on Greek debt. Moreover, Seoul Composite slid 1.04 percent lower to close at 1,993.71 points on Friday, still good enough to post a sixth-straight winning week. However, China shares ended marginally up in see-saw trade after weaker than expected economic data, but strength in the property sector lent support.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,351.98

2.39

0.10

Hang Seng

20,783.86

-226.15

-1.08

Jakarta Composite

3,912.39

-66.59

-1.67

Nikkei 225

8,949.17

-55.07

-0.61

Straits Times

2,960.00

-21.17

-0.71

Seoul Composite

1,933.71

-20.91

-1.04

Taiwan Weighted

7,862.27

-48.51

-0.61

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