Equity indices in the Asian region exhibited mixed trends in Monday’s trading session as market participants lacked conviction to open fresh positions tracking the mixed overnight closing on Wall Street. Investors also remained on sidelines ahead of the release of US consumer confidence figures on Tuesday and the US Fed’s Beige Book report on economic activity due on Wednesday. Market men also grew increasingly nervous amid worries the longest rally in international crude oil prices in two years would adversely impact economic growth in the region. Meanwhile, German ministers are scheduled to vote on a second Greek rescue package later in the day while European Union officials too will hold a summit on March 1-2 in Brussels.
The benchmark in Japan climbed around half a percent to the highest levels in seven months and expanded this month's over ten percent gains as persistent depreciation in yen against the US dollar propped up export oriented stocks. The equity index in South Korea on the other hand plunged over one and a quarter percent as foreign funds took profits off the table, as sentiments got undermined by spiking crude oil prices and lingering worries over Greece's debt situation.
Shanghai Composite advanced 11.12 points or 0.46% to 2,450.75, Hang Seng gained 37.66 points or 0.18% to 21,444.52, KLSE Composite added 3.85 points or 0.25% to 1,562.62 and Nikkei 225 rose 51.61 points or 0.53% to 9,698.99.
On the flipside, Jakarta Composite plunged 45.77 points or 1.18% to 3,848.79, Straits Times slipped 3.39 points or 0.11% to 2,974.69 and Seoul Composite sank 25.93 points or 1.28% to 1,993.96.
Stock markets in Taiwan remained closed on Monday on account of Peace Memorial Day holiday.