Asian stock markets ended lower on Tuesday, as increased borrowing costs for Italy and Spain prompted fresh concerns that Europe could struggle to contain its debt crisis. Italy sold five-year bonds worth 3 billion Euros on Monday, an act which yielded 6.29 percent, the highest in 14 years and higher than the 5.32 percent paid just one month ago.
Tokyo shares ended lower, led by declines from exporter companies on stronger yen. Nikkei declined 0.72 percent or 61.77 points to 8,541.93. Among the exporters, Nissan Motor gained 1.11 percent to 711 yen and Sony Corp. declined 1.45 percent to 2,458 yen, while Elpida Memory Inc. plunged 9.09 percent to 330 yen.
Hong Kong stocks ended lower as declines in banking and property stocks dragged down the benchmark index. Hong Kong’s Hang Seng index declined 216.76 points or 1.11 percent to 19,291.42. Meanwhile, Chinese shares ended on a flat note with benchmark Shanghai composite nudging up 0.04 percent or 1.05 points to 2,529.76.
South Korean shares declined for the first time in three days, as investors opted for profit taking after the recent rally. Seoul composite declined 16.69 points or 0.88 percent to 1,886.12.
LG Chem Ltd. sank 3.35 percent and S-Oil Corp. fell 2.44 percent, while Hynix Semiconductor Inc. declined 1.12 percent.