Market Update
Stocks in Asia ended lower Wednesday, tracking weakness in equities globally, as the uncertainty surrounding the fiscal state of Greece and other indebted Eurozone nations continued to keep investors on edge.
The Sensex dropped 0.9% at closing--reaching a three-month low in late-noon trade--as did the Shanghai Composite. Australia's S&P/ASX 200 fell 1%. Japan's Nikkei closed at a two-month low, shedding 0.6%. The Hang Seng closed marginally higher, up 0.1%.
Despite the negative sentiment weighing heavy on global markets, base metals traded higher as a Goldman Sachs report urged investors towards copper and zinc.
The euro continued to slide, trading lower against almost all other peers.
Stocks on the Move
Australian banks continued to sink deeper into the red with the country's major banks closing down between 0.5% and 2%. Macquarie Group was the biggest loser, dropping down 2.7% on the S&P/ASX 200.
Only four stocks finished higher, with Lend Lease jumping 3.3% after it said it is on-track to deliver its targeted full-year return on equity of 15%.
On the Nikkei, Komatsu, Softbank and Toshiba declined, closing down 1.6%, 1.3% and 4.2% respectively. Economic slowdowns in the U.S. and China weighed on export plays as they mostly ended over 1% lower.
Most sectors closed in the red in Shanghai as worries about an economic slowdown intensified after Goldman Sachs joined a list of banks that lowered their growth forecast for the world's fastest growing major economy.
Hainan Honz Pharmaceutical Co and Nationz Technologies plummeted 9.5% and 9.1%, respectively, just short of the 10% daily limit.
Hong Kong fashion giant Esprit Holdings fell 5.2% to its lowest level in two and a half years, emerging the top loser on the Hang Seng. China Resources Power Holdings Co was the biggest gainer rising 2.9% and moving closer to its seven-month high hit earlier this month.
In India, realty stocks lost ground after realty major DLF started the day badly, the stock reacting to a 20% fall in fourth quarter net profit announced after market hours yesterday. It ended as the top loser on the Sensex, dropping 3.5%.
The IT index on the Bombay Stock Exchange also slumped as tech heavyweight Infosys Technologies declined 1.8% after it said an American court has sought records related to the utilization of B-1 business visas. Technology peers Tata Consultancy Services and Wipro fell 2.1% and 1%, respectively.
Tata Steel closed 0.8% lower ahead of its quarterly-earnings declaration after the bell.