The Asian markets have made a mixed start with some of the indices trading lower by quarter-to-half a percent in early trade as China pledged to keep curbs on its property market. It was reported that China has told its local governments to keep a firm grip on the housing market to prevent property prices from rebounding. The latest data from China's top statistics bureau showed that average home prices in 70 Chinese cities were flat in June from May, ending eight months of declines. However, the mood in the region remained cautious, as euro declined amid concern Europe’s debt crisis is dragging on global growth on spike in Spain's borrowing costs, which intensified fears Madrid may eventually need a full-blown sovereign bailout.
Shanghai Composite lost 5.97 points or 0.27% to 2,178.87, Nikkei 225 was down by 25.25 points or 0.29% to 8,770.30, Straits Times declined by 8.85 points or 0.29% to 3,019.77, and Taiwan Weighted was down marginally down by 9.03 points or 0.12% to 7,139.76.
On the other hand, Hang Seng added 50.94 points or 0.26% to 19,609.99, Jakarta Composite gained 2.89 points or 0.07% to 4,099.06, KLSE Composite was up by 2.01 points or 0.12% to 1,646.61 and Kospi Composite was up by 1.23 points or 0.07% to 1,824.70.