Most Asian markets declined Monday as the U.S. government's rescue of Citigroup Inc. and hefty pre-weekend gains on Wall Street failed to cheer investors concerned about global economic uncertainties and a weakening outlook for earnings.
The benchmark Hang Seng Index closed down 201.3 points or 1.6% at 12,457.9 while financial markets in Japan remained closed on account of a public holiday.
CHINA
The Chinese stock market closed sharply lower, declining for a third straight day on profit taking, as an expected lending rate cut didn't materialize over the weekend. The benchmark Shanghai Composite Index fell 72.3 points, or 3.7%, to 1,897.1.
Air China plunged 9.7%, China Eastern Airlines plummeted 8.9% and China Southern Airlines dived 8.7%. In the property sector, China Vanke tumbled 7.2%, Gemdale Corp dropped 7.8% and COFCO Property sank 9.0%.
Among financial stocks, CITIC Securities lost 4.7%, Changjiang Securities gave away 6.1%, China Life Insurance fell 3.4% and Ping An Insurance declined 5.0%.
Market heavyweight PetroChina slid 2.5% and Asia's largest oil refiner Sinopec dropped 5.0%.
Elsewhere:
Taiwan's Taiex closed down 0.3% at 4,160.
Singapore's STI closed down 2.5% at 1,620.
Indonesia's Jakarta Composite Index closed down 0.48% at 1,141.
Malaysia's KLCI closed down 11.5 points at 855.
South Korea's Kospi slumped 3.4% to 970.14.
Australia's S&P/ASX 200 index finished 0.3% to 3,425.10.
New Zealand's NZX 50 index slipped 0.1% to 2,575.48.
with files from other wire services
