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  3. Asian markets extend somber run on bleak Euro-zone cues

Asian markets extend somber run on bleak Euro-zone cues

31 May 2012 Evaluate

Stock markets across the Asian region extended their somber run in Thursday’s trading session with most of the indices heading towards their biggest monthly drop since 2008. Barring few, all the benchmarks in the region suffered nasty laceration of at least over a percent. Sentiments in the session were spooked by the sharp plunge overnight in US markets, which were stormed by more concern regarding the European debt crisis. The surging Spanish bond yields have left investors worrying about the debt laden nation’s ability to issue new bonds to fund its ailing banks. Markets’ mood was also dampened after the European Central Bank issued a statement saying it had not been consulted on the bailout for Bankia, Spain's fourth-largest bank, and that such a recapitalization could not be provided by the Euro-zone central bank.

The benchmark in Indonesia bore the maximum brunt of selling pressure and got pummeled by over two percent being the top laggard in the space. The equity index in Japan too plunged over one and half a percent on the back of reports that the nation’s industrial production rose at 0.2 percent in March, remaining much lower than estimated 0.5 percent and weighed on the investors sentiments.

Shanghai Composite declined 11.01 points or 0.46% to 2,373.66, Hang Seng Index plunged 233.68 points or 1.25% to 18,456.54, Jakarta Composite got clobbered by 91.71 points or 2.34% to 3,826.20, KLSE Composite eased 2.05 points or 0.13% to 1,573.12, Nikkei 225 plummeted 138.90 points or 1.61% to 8,494.29, Straits Times Index dropped 15.59 points or 0.56% to 2,768.36, KOSPI Composite Index sank 23.84 points or 1.29% to 1,821.02 and Taiwan Weighted slumped 83.01 points or 1.14% to 7,178.79.

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