Most of the Asian equity indices are trading lower in the Monday’s morning session after US lawmakers failed to come to a conclusion to avert the imposition of $85 billion in spending cuts that kicked in on Friday last week. Meanwhile, Chinese market tumbled the most as property shares declined after the Chinese government late Friday announced fresh measures to take the heat out of the nation’s property sector, including higher down-payments and mortgage rates on second homes in cities that have seen steep rises in property prices. However, a real-estate rally lifted Japanese equities to over half a percent of gains.
Shanghai Composite tumbled 67.37 points or 2.86% to 2,292.14, Hang Seng crumbled 297.35 points or 1.30% to 22,582.87, Jakarta Composite declined 22.63 points or 0.47% to 4,788.98, KLSE Composite slipped 1.98 points or 0.12% to 1,635.46, Straits Times dropped 18.72 points or 0.57% to 3,250.78, KOSPI Composite contracted 6.01 points or 0.30% to 2,020.48 and Taiwan Weighted was down by 84.81 points or 1.06% to 7,879.82.
On the flip side, Nikkei 225 was up by 69.37 points or 0.60% to 11,675.75.
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