Asian markets end lower on Cyprus bailout concerns

Asian markets ended with sharp fall on Monday as a controversial bailout plan for Cyprus that will impose a tax on bank deposits in return for financial, added to the worries about Europe's debt crisis. The Japanese stock market closed with heavy losses after touching 10 months low on the back of profit-taking after recent strong gains. Shanghai Composite went home with red mark as China’s property developers stretched losses. Meanwhile, Hong Kong also ended in the negative territory.