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Europe debt woes drag Asian markets lower in morning deals

28 Mar 2013 Evaluate

Most of the Asian equity indices are exhibiting sluggish trade in Thursday’s morning session as weak euro zone data, a sluggish debt auction in Italy and fears of a potential run on Cyprus’s banks stoked investors' concerns about instability in Europe. Chinese Shanghai remained the top loser, with a fall of over two and a half percent as banks took a hit after they were ordered to tighten control over wealth management products and improve transparency. Japanese Nikkei too tumbled by about one and a half percent as euro zone concern prompted profit taking in exporters and financials.

Shanghai Composite tumbled 60.66 points or 2.64% to 2,240.60, Hang Seng declined 250.21 points or 1.11% to 22,214.61, Jakarta Composite dipped 22.25 points or 0.45% to 4,905.85, Nikkei 225 dropped 179.61 points or 1.44% to 12,314.18, Straits Times decreased 5.08 points or 0.15% to 3,307.95, KOSPI Composite slipped 3.27 points or 0.16% to 1,990.17 and Taiwan Weighted was down by 33.72 points or 0.43% to 7,860.40.

On the flip side, KLSE Composite was up by 2.41 points or 0.14% to 1,669.98.

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