Market Report – Asia Shares Cut Losses

Posted by admin as shares and stocks

ANCHOR:
Seoul shares ended lower after volatile trading today, led by automakers and some banks, with the positive impact of news of a U.S. government-backed bailout of Citigroup lasting only briefly.

Kia Motors plunged nearly 15 percent after South Korea’s No. 2 auto maker said it was paying off 300 million euros worth of debt due on Monday in cash.

Chinese stocks dropped sharply on Monday, led by property shares, as concern about the market’s ability to absorb fresh supplies of equity outweighed optimism over China’s economic stimulus package.

Hong Kong shares fell 1.2 percent, with financial stocks hit as the fate of U.S. banking giant Citigroup remained undecided and on reports of a $3 billion capital raising plan by Standard Chartered.

The benchmark Hang Seng Index ended the morning session 150.68 points lower at 12,508.52.

Taiwan stocks fell a quarter of a percent as technology shares declined ahead of data due out later in the day that is expected to be gloomy.

Investors largely ignored a Wall Street rally as they took cues from losses in other Asian stocks.

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