Rally on Asian stock slowed down on Thursday as the market waited for European Central Bank’s policy decision later on the day. The Euro was pressured as everyone expected a possible rate cut to support the fragile economy. Asian stocks fell from eight weeks high tailing fall in crude oil price indicating the economic situation in Europe is worsening. The Governor of Japan Masaaki Shirakawa said as deteriorating outlook for the global economy is fueling speculation; Central banks will step up efforts to revive growth. The Bank of Japan will use monetary policy to ensure financial stability.
Shanghai Composite was down by 25.26 points or 1.19% to 2200.76, KLSE Composite declined 6.35 points or 0.39% to 1607.46, Nikkei dipped by 29.15 points or 0.30% to 9074.36. Strait Times declined by 0.96 points or 0.07% to 2948.19.12. Kospi Composite Index shed 1.44 points or 0.10% to 1872.87. Taiwan Weighted plummeted 38.71 points or 0.52% to 7383.85.hang Seng index fell 57.02 points or 0.29 % to 19652.73 and Jakarta Composite dipped 9.47 points or 0.23 % 4067.27.