Asian Market end morning lower
Asian market finished morning lower as Wall Street's falls and weak US economic data prompted investors to lock in profits from the market's gains over the last four trading sessions.
U.S. consumer spending grew marginally in February, stoking fears that the world's biggest economy is already in recession. The Commerce Department said the 0.1 percent growth in consumer spending was the weakest in 17 months.
The Hang Seng index ended the morning down 445.82 points or 1.91 pct at 22,
840.13, off a low of 22,810.87 and high of 23,077.84. A-share drops in Shanghai also weighed on sentiment, dealers said, while noting that end-quarter window-dressing -- which provided momentum last week -- appears to have already run its course.
Singapore shares were lower on profit-taking at midday Monday after rising as much as 0.9 percent in early trade, with market sentiment still weighed down by U.S. economic concerns.
Japanese shares were lower in early afternoon trade, extending their morning losses in line with the weak performance of other Asian stocks, while the yen's rebound against the dollar dampened exporters' sentiment.
Caution also drove many investors to lock in profits ahead of the release of the Bank of Japan Tankan survey on business sentiment and the Institute for Supply Management (ISM) manufacturing index tomorrow, as well as the congressional testimony by Federal Reserve chairman Ben Bernanke on Wednesday.
STI is likely to recover after lunch but should it failed to trade above opening price, it is likely to test the 2996 level today.
CK
