A collection of worrying news out of Europe and the US sent stock markets across the Asian region reel under tremendous selling pressure on the week’s first trading session. Market sentiments largely remained influenced by the disconcerting leads from both sides of the Atlantic, as weak US jobs data had been the first catalyst in pummeling most equity indices in the region, followed by the success of anti-austerity leaders in European elections. The US markets went for sharp sell-off over the weekend on getting lower than expected jobs number, making it their worst weekly closing of the year so far. Concerns also exacerbated over the European debt crisis after French and Greek voters ousted respective incumbent parties in a backlash against austerity measures aimed at battling the euro zone crisis.
Coming after a long break, the Japanese markets have seen relentless profit booking and got butchered by over two and half a percent, heading for its biggest decline in six months. Though the Chinese benchmark traded with moderate cut of around a quarter percent, the equity index in Hong Kong got battered by over two percent as market participants fretted over the future of austerity measures introduced in the Euro-zone to tackle the region's onerous debt trouble.
Shanghai Composite eased 5.34 points or 0.22% to 2,446.68, Hang Seng Index got pounded 499.55 points or 2.37% to 20,586.45, Jakarta Composite plummeted 66.49 points or 1.58% to 4,150.19, KLSE Composite declined 8.25 points or 0.52% to 1,582.79, Nikkei 225 nosedived 245.99 points or 2.62% to 9,134.26, Straits Times Index plunged 50.05 points or 1.67% to 2,940.54, KOSPI Composite Index slumped 34.00 points or 1.71% to 1,955.15 and Taiwan Weighted shrank 181.98 points or 2.36% to 7,518.97.
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