Downtrend continued in the Asian region and all the Asian equity indices crashed on Wednesday as investors remained concerned that Greece is inching near to an exit from the euro-zone after week-long coalition talks failed to form a government. Meanwhile, the Hang Seng posted its biggest loss in six months, down by over three percent after mainland media reported flat loan growth for the country’s -- Big Four -- state-owned banks in the first two weeks of May, adding fears about the slowing Chinese economy. However, Chinese shares also slipped over a percentage point, but did comparatively well as investors remained confident that the signs of weakness in the economy may prompt further policy action, after a cut in reserve requirements over the weekend.
Japanese Nikkei share average slid over a percent on Wednesday, as data showing flat bank lending in China eased already lukewarm sentiments for risk assets even though the benchmark managed to end a tad above its crucial 8,800 level. Moreover, broader worries about the euro-zone also weighed in sentiments in Singapore and South Korea. In addition, Taiwan stocks closed down over two percent, tracking regional bourses in falls as the euro-zone’s worries capped risk appetite, with smart-phone maker HTC tumbling on news US sales of some new phones will be delayed.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,346.19 | -28.55 | -1.21 |
Hang Seng | 19,259.83 | -634.48 | -3.19 |
Jakarta Composite | 3,980.50 | -65.15 | -1.61 |
KLSE Composite | 1,536.04 | -25.03 | -1.60 |
Nikkei 225 | 8,801.17 | -99.57 | -1.12 |
Straits Times | 2,831.15 | -44.55 | -1.58 |
KOSPI Composite | 1,840.53 | -58.43 | -3.08 |
Taiwan Weighted | 7,234.57 | -161.07 | -2.18 |