The stocks markets across Asian region continued to falter for the third straight session on Wednesday as the selling pressure showed absolutely no signs of easing. Distressed market participants continued to square off positions ahead of a deadline for debt laden Greece to get sufficient support for a bond swap deal from its private creditors and avert a disastrous debt default. The overnight butchery on Wall Street too dampened sentiments in the Asian region as the US Dow index registered its first triple digit loss in 2012 after rallying more than 20% over the last five months to its highest point since before the financial crisis. Reports that the European region is already in recession, with the economy shrinking 0.3% in the fourth quarter of last year played the spoilsport. Sentiments globally remained somber as renewed worries over a recession in Europe and slowdown in global growth engines like China, threatened investors’ risk appetite globally.
The benchmark in Japan shed three fourth of a percent and slipped near to a two week low level amid slowing global economy while the appreciation in yen too is hurting the export oriented companies. The equity index in Hong Kong too slipped lower and traded with close to a percent loss, being the top loser in the space.
Shanghai Composite eased 0.37 points or 0.02% to 2,410.07, Hang Seng declined 120.94 points or 0.58% to 20,685.31, Jakarta Composite sank 16.32 points or 0.41% to 3,950.75, KLSE Composite slipped 13.17 points or 0.83% to 1,576.74, Nikkei 225 shrank 71.56 points or 0.74% to 9,566.07, Straits Times shed 10:29 10.21 points or 0.35% to 2,921.80, Seoul Composite slumped 10:49 14.55 points or 0.73% to 1,985.81 and Taiwan Weighted inched down 8.00 points or 0.10% to 7,929.97.
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