Euro-zone turmoil, weak US data continue to drag Asian counters lower

18 May 2012 Evaluate

Pressurized by eurozone turmoil and weak US data, all the Asian equity indices ended the day’s trade in the negative terrain on Friday. All the Asian counters butchered for second day in a row after Moody’s Investors Service cut the long-term debt and deposit ratings of the 16 Spanish banks, saying the government’s ability to support some banks had weakened while, feeble US data added to the pessimism. The nations’ conference board reported that the country’s leading economic indicators showed a decline of 0.1% in April after a gain of 0.3% in March. Also, the weekly claims for jobless benefits remained at same levels.

Meanwhile, Chinese shares fell over 1.4 percent to a one-month low on and Hong Kong shares suffered a third-straight loss on Friday, declining to a second weekly loss in a row as growing political instability in Europe pulled financial stocks down and underwhelming US economic data increased risk aversion. Moreover, Taiwan Weighted tumbled about three percent as market-men sold off Asian equities after further indication of rising instability among Spanish banks and political turmoil in Greece, but Ta Chong Bank surged on news it will be sold.

Stock market in Indonesia remained closed on Friday owing to a public holiday.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2,344.52	-34.37	-1.44
Hang Seng	18,951.85	-249.08	-1.30
KLSE Composite	1,532.46	-11.75	-0.76
Nikkei 225	8,611.31	-265.28	-2.99
Straits Times	2,779.10	-43.51	-1.54
KOSPI Composite	1,782.46	-62.78	-3.40
Taiwan Weighted	7,151.19	-205.58	-2.79
Jakarta Composite	--	--	--

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