Asian markets shut shop in the red on weak European cues

All the Asian equity indices finished the day’s trade in the negative terrain on Monday after European finance heads failed to agree a plan to solve the region’s debt woes, while they also put off a decision on releasing rescue funds to Greece. European finance ministers meeting Friday in Poland said they would push back a decision on whether Greece should get its next payment from last year's $151 billion bailout package until next month. Moreover, China's benchmark index Shanghai Composite ended at a 14-month closing low with a cut of 1.79 percent, weighed by cyclical names in thin turnover on fears of tight money supply, as a $2.7 billion IPO by Sinohydro Group is set to be launched this week. However, Japanese equity markets remained closed for the trade in observance of a public holiday.