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Asian markets trade lower on Friday

Snapping three-day rally, all the Asian markets are reeling under pressure and are trading in red on Friday morning trade after Republicans scrapped a vote on putting in place a back-up plan if talks on averting the US fiscal cliff end in failure. Japanese market, after a strong start, turned lower as proposal to avert with a US fiscal crunch failed to get enough support, triggering selling in exporters as the yen strengthened.

Shanghai Composite declined 11.21 points or 0.52% to 2,157.15, Hang Seng dropped 173.06 points or 0.76% to 22,486.72, Jakarta Composite slipped 0.08 points to 4,254.74, KLSE Composite contracted 7.41 points or 0.44% to 1,663.19, Nikkei 225 dipped 58.99 points or 0.59% to 9,980.34, KOSPI Composite crumbled 20.27 points or 1.01% to 1,979.23, Taiwan Weighted slumped 85.77 points or 1.13% to 7,509.69 and Straits Times was down by 6.57 points or 0.21% to 3,168.95.

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