Asian markets sharply fell on Tuesday with the pessimistic sentiment that the global economic downturn could be lasting longer than expected. Tokyo market ended 1.4% lower, while Shanghai Composite dropped 2.9%, giving up some recent gains. South Korea stocks took a massive 4.1% loss, and Hong Kong's Hang Seng Index slipped 3.8%.
Asia's major markets ended mostly lower yesterday. Tokyo stocks were hit by the data of huge contraction in the economy, but Shanghai Composite outperformed the Asian markets backed by hopes of further government economic stimulus measures, which also boosted the Hong Kong shares.
Asian shares are set to gain on Monday after a rally on Wall Street last Friday. Japan's Nikkei average is also expected to be buoyed by exporters on a weaker yen. Asian shares rallied across the region Friday with shipping stocks leading for another day and miners rising on hopes that demand for commodities might be picking up. The Shanghai Composite Index rallied 4%, delivering its best performance of the week while China-related shares also lifted the market in Hong Kong.
Asia's major markets including Tokyo, Shanghai and Hong Kong closed higher on Wednesday after the US stocks rose on the positive economy data and progress on government's stimulus plan. Tokyo stocks opened lower Thursday as investor sentiment was dampened by bleak U.S. corporate earnings.
