Market Update
Asian shares closed mostly lower Monday on the back of weak U.S jobs data released last week showing an addition of only 54,000 jobs compared to market expectations of a 150,000 increase.
The Nikkei closed down 1.8% while the S&P/ASX 200 fell 0.7%. The Sensex, however, gained 0.2% in a late surge. Markets in China and Hong Kong were shut for holidays.
Investors will be looking forward to Federal Reserve Chairman Ben Bernanke's speech later today.
Stocks on the Move
Tokyo Electric Power Company plunged 27.6% as questions were raised about the company's ability to remain operational. A media report said the company is likely to report a net loss of 570 million yen, or $7.1 billion for the financial year 2011, excluding compensation to those affected by the nuclear accident.
The Tokyo Stock Exchange President said the company should undergo a court-backed restructuring similar to that pursued by Japan Airlines. JAL's shares were delisted last year.
Both Kansai Electric Power and Chubu Electric were off 8.9% each.
Sony closed down 3.1% after it said one of its European subsidiary's websites had been hacked, although no data was stolen. Sharp Corp. fell 1.2% after it said it would re-organize its television business.
Economic data released in Australia also painted a dismal picture showing a 6.5% fall in jobs advertised last month, the second consecutive month of decline.
Tabcorp Holdings plunged 56.6% after the Supreme Court of Victoria approved the split of its casino operations and its wagering, gaming and Keno businesses into two separately listed companies.
Index heavyweight BHP Billiton and peer Rio Tinto both closed 0.5% lower.
Indian stocks traded in the negative territory for most part of the day but closed higher with gains in financials and technology offsetting weakness in metals and oil.
Private lender ICICI Bank rose 0.9% while HDFC Bank gained 1.1%. Standard Chartered IDRs lost about 20% after the market regulator barred Indian investors from redeeming IDRs and converting them into underlying shares, as liquidity was adequate in the counter, eliminating chances of a cross-exchange arbitrage.