Mixed opening for Asian markets

Despite the gain in the US markets overnight, the Asian markets started on a mixed note as investor weighed in the ongoing US debt crisis and a possible downgrade of the US government triple A bond by Moody’s Investors Service.

However as the trade progressed many of the indices clawed erased some of their losses. The top losers are Seoul Composite and Nikkei down 0.4% each followed by Hang Seng losing 0.3%.

In the Japanese markets, the Nikkei Stock Average opened down 0.6% as a rising yen pressurized exporters mainly the technology stocks. Insurance and bank stocks, already battered by the euro zone debt worries took a further fall.

On the other hand, Shanghai Composite is up 0.4% while Jakarta Composite, Straits Times and Taiwan Weighted are flat with a positive bias.