Asian markets made a soft start weighed down by Japanese export data

The Asian markets have made a weak start with some indices trading lower by about a percent on report that Japan’s exports dropped at the fastest pace in a year. The Japanese Finance Ministry reported that country’s shipments slid 10.3 percent in September from a year earlier, leaving a trade deficit of 558.6 billion yen. Chinese market too was trading lower on earnings concern and speculation that governments will take further steps to cool the property market. It was reported that Shaanxi issued a cap on profit margins from property sales for cities in the province and Property projects with margins of more than 10 percent won’t be given sales licenses. Taiwan too reported that nation’s unemployment rose to 4.3 percent in September, one-year high.

Shanghai Composite was down by 12.48 points or 0.59% to 2,115.82, Jakarta Composite lost 8.73 points or 0.20% to 4,322.89, KLSE Composite was lower by 2.26 points or 0.13% to 1,664.25, Nikkei 225 plunged by 73.14 points or 0.81% to 8,929.54, Straits Times declined by 8.12 points or 0.25% to 3,041.00, Kospi Composite fell by 19.85 points or 0.99% to 1,924.24 and Taiwan Weighted was down by 64.46 points or 0.87%.

On the other hand Hang Seng up by 16.60 points or 0.08% to 21,568.36 was the lone gainer.