Asian stocks started a brand new trading week on the back foot, following declines offshore and as China’s move to lower the reserve requirement ratio for all banks by 100 basis points on Sunday failed to boost sentiment.
Nikkei adds 0.1 percent
Japan’s Nikkei 225 index rebounded from an 8-day intra-day low as rarly-trade laggards such as carmakers pared losses. Honda dropped 0.9 percent, while Suzuki Motor, Nissan and Toyota Motor sagged between 0.2 to 0.6 percent.
Mainland markets down
China’s Shanghai Composite index ticked down 0.4 percent, reversing a higher open and pulling back from a fresh 7-year high of 4,307 points. Banking counters were higher across the board; the mainland’s largest lender Industrial and Commercial Bank of China inched up 0.2 percent, while Agricultural Bank of China notched up 1.2 percent. In Hong Kong, the Hang Seng index opened flat.
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