Most of the Asian equity benchmarks are trading in red in the early deals on Monday as investors took a cue from Wall Street last week and noted a light week ahead in the US market with a major holiday on Thursday. Japan's Nikkei share average fell amid losses on Wall Street and a stronger yen, although bargain hunting limited the losses. Meanwhile, China stocks fell sharply and were heading for their biggest daily loss in three months after Beijing set sweeping new guidelines to regulate asset management products, which analysts said will dampen investors' appetite for riskier assets. Among the other Asian markets, South Korea, Singapore, Hong Kong, Malaysia and Taiwan are also lower. Bucking the trend, Indonesia is in positive territory.
Nikkei 225 dropped 136.26 points or 0.61% to 22,260.54, Hang Seng dipped 47.94 points or 0.16% to 29,151.10, Shanghai Composite declined 27.32 points or 0.81% to 3,355.59 Taiwan Weighted slipped 25.98 points or 0.24% to 10,675.66, FTSE Bursa Malaysia KLCI contracted 3.19 points or 0.19% to 1,718.47, KOSPI Index decreased 1.82 points or 0.07% to 2,532.17, and Straits Times was down by 2.39 points or 0.07% to 3,379.99.
On the flip side, Jakarta Composite was up by 30.91 points or 0.51% to 6,082.64.