Asian markets make a weak start on global economic concern

Asian markets have made a subdued start of the new week with most of the indices trading lower by over half a percent on weak data from US and within the region, Japanese machinery orders fell more than expected. Japan’s current-account surplus shrank by 63% in May, the smallest since at least 1985 and machinery orders fell the most in more than five years. While Chinese Premier Wen Jiabao said that economy faces “relatively large” downward pressure. However, China’s consumer-price inflation eased to a 29-month low in June, giving Premier Wen Jiabao more room to relax economic policies. The consumer price index rose 2.2 percent from a year earlier.

Shanghai Composite was down by 24.94 points or 1.12% to 2,198.64, Hang Seng index plunged by 294.67 points or 1.49 % to 19,505.97, Jakarta Composite dipped 54.54 points or 1.34% 4,000.65. KLSE Composite declined 1.00 point or 0.06% to 1,619.55, Nikkei dipped by 92.63 points or 1.03% to 8,928.12. Strait Times declined by 33.42 points or 1.12% to 2,945.13. Kospi Composite Index shed 23.21 points or 1.25% to 1,834.99. Taiwan Weighted plummeted 68.69 points or 0.93% to 7,299.90.