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Asian equities largely exhibit pessimistic trends on Tuesday

20 Mar 2012 Evaluate

Stock markets across Asia largely exhibited pessimistic trends in Tuesday’s trading session as most equity indices in the region traded with notable losses, lacking any significant catalyst to open fresh positions. Market participants treaded cautiously amid worries over the slowing growth in world’s second largest economy. Investors even shrugged the positive overnight close on Wall Street supported by the reports that Apple has announced it would start paying a quarterly dividend in its fourth quarter, which runs July through September and also US home builders' confidence in the housing market held steady in March after five consecutive monthly gains.

The benchmarks in China and Hong Kong led the losers in Tuesday’s trade with over half a percent cuts amid reports that Chinese central bank would work toward interest-rate liberalization. On the other hand, the equity index in Malaysia bucked the pessimistic trend prevailing across Asia and edged higher to trade with marginal gains.

Shanghai Composite declined 18.61 points or 0.77% to 2,391.57, Hang Seng slipped 141.26 points or 0.67% to 20,974.03, Jakarta Composite eased 1.86 points or 0.05% to 4,022.87, Straits Times climbed 16.66 points or 0.56% to 3,006.75, Seoul Composite fell 7.72 points or 0.38% to 2,039.28 and Taiwan Weighted shed 43.39 points or 0.54% to 8,000.53.

On the other hand, KLSE Composite gained 3.12 points or 0.20% to 1,576.72.

Stock markets in Japan remained closed on Tuesday for a national holiday on account of Spring Equinox.

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