Stock markets in the Asian region continued their southward journey and all the equity indices barring Nikkei 225 ended the day’s trade in the negative terrain on Monday amid fears over political uncertainty in Europe while, China’s move to boost liquidity in the slowing economy was unable to provide a lift. Chinese central bank cut the amount of cash that banks must hold as reserves on Saturday, freeing an estimated 400 billion yuan ($63.5 billion) for lending to head-off the risk of a sudden economic slowdown.
Meanwhile, Taiwan stocks closed down 0.33 percent at a four-month closing low, underperforming regional peers as tourism counters and car makers weighed, down 2.12 percent and 2.02 percent respectively. In addition, Chinese bank stocks in Hong Kong failed to rally after the reduction in the reserve ratio, as loan growth data for April released after the market closed on Friday, came in much lower than expected. However, Japan’s Nikkei share average inched higher on Monday to end a three-day losing streak as China's monetary easing countered unease ahead of Greece's last-ditch attempt to form a coalition government later in the day.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,380.73 | -14.26 | -0.60 |
Hang Seng | 19,735.04 | -229.59 | -1.15 |
Jakarta Composite | 4,053.07 | -61.07 | -1.48 |
KLSE Composite | 1,575.08 | -9.24 | -0.58 |
Nikkei 225 | 8,973.84 | 20.53 | 0.23 |
Straits Times | 2,864.12 | -19.28 | -0.67 |
KOSPI Composite | 1,913.73 | -3.40 | -0.18 |
Taiwan Weighted | 7,377.18 | -24.19 | -0.33 |
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