Greek uncertainty smashes investors’ sentiment in Asian region

Stock markets in Asian region continued to reel under pressure and shut shop entirely in the red as investors remained worried over the euro-zone debt crisis Friday as politicians in Greece struggled to form a coalition after pro-austerity parties were lashed in weekend elections. However, the euro held its own in the morning following reports from Athens that the head of Greece’s socialist Pasok party was making tentative progress on building a government, after two other groups had failed. Moreover, in Athens Pasok leader Evangelos Venizelos is in talks with other parties to build a coalition after Sunday’s polls saw almost two-thirds of voters reject austerity policies imposed on the country in return for bailout cash.

Meanwhile, Singapore index Straits Times fell by 0.70 percent, dragged down by casino operator Genting Singapore PLC and investors retreating from risky assets on concerns about global growth. While, Hong Kong shares tumbled for a seventh straight day on Friday, after China’s April inflation figures were largely in line with estimates, further dousing hopes of near-term easing despite signs of a steeper slowdown in the world's second-largest economy. Mainland Chinese markets were also weaker and snapped the day’s trade with a cut of over half a percent.