Asian markets end mostly in red on Monday

Asian equity markets ended mostly in red on Monday, led by the biggest loss in a month for Chinese shares as industrial profits declined and a looming revamp of the nation's initial public offering system gave investors little reason for optimism. Data showed that profits earned by Chinese industrial companies in November fell 1.4 percent from a year earlier, marking a sixth consecutive month of decline, although the figures improved from October's 4.6 per cent fall. Hong Kong stocks too moved lower, driven by a slump in mainland shares on the first trading day after last week's Christmas holiday. However, Japanese stocks gained ground in subdued trading after a rebound in global crude oil prices helped offset disappointing November production and retail figures.