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Asian markets trade mostly flat amid Cyprus uncertainty

22 Mar 2013 Evaluate

Most of the Asian equity indices are exhibiting flat trade in Friday’s morning trade as sentiment remained weighed by the continued deadlock in Cyprus. European Central Bank warned Cyprus that it would cut off funding to its banks if leaders did not hammer out a new bailout deal by next week. Meanwhile, Japanese Nikkei, after hitting a 4-1/2-year high on Thursday, declined the most by over a percent as the yen soared after new Bank of Japan Governor Haruhiko Kuroda failed to outline any instant increase to stimulus in his maiden speech.

Straits Times rose 0.96 points or 0.03% to 3,268.61, Shanghai Composite jumped 3.08 points or 0.13% to 2,327.32, KLSE Composite increased 1.69 points or 0.10% to 1,632.44, KOSPI Composite added 0.26 points or 0.01% to 1,951.08 and Taiwan Weighted was up by 12.11 points or 0.16% to 7,823.95.

On the flip side, Hang Seng declined by 95.80 points or 0.43% to 22,130.08, Jakarta Composite decreased 1.90 points or 0.04% to 4,800.77 and Nikkei 225 was down by 168.52 points or 1.33 to 12,467.17.

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