Most Asian markets fell Monday as investor confidence was dragged down by the lack of stimulus measures from policymakers to support the global economy and regain the growth momentum.
The Chinese Shanghai Composite fell 0.96 percent or 20.31 points to 2094.58. Hong Kong's Hang Seng was down 0.83 percent or 166.37 points to 19949.70. Among major losers were China Mobile Ltd (1.49 percent) and China Coal Energy Co Ltd (3.25 percent).
Japan's Nikkei Stock Average was up 0.51 percent or 46.44 points to 9208.94. Among major gainers were JTEKT Corp (2.5 percent), Pioneer Corp (2.26 percent) and Olympus Corp (2.25 percent).
South Korea’s KOSPI Composite Index fell 0.36 percent or 6.93 points to 1939.61. Shares of Samsung Electronics Co Ltd dropped 1.31 percent and shares of Hyundai Motor Co declined 1.43 percent.
India's BSE Sensex will be closed Monday for the festival of Eid ul Fitr.
Investors feel that bold measures, including easing in the monetary policy, are urgently needed to boost liquidity in the global financial system. Lack of measures from the European Central Bank and the U.S. Federal reserve has weighed down market confidence.
The slowdown in the U.S. has not been steep enough to guarantee that the Fed will announce further stimulus this year. Market players sense the need for further quantitative easing measures from the Fed to revive growth.
The euro zone economy entered recession in the second quarter with the troubled economies of Spain and Italy seeing sharp falls in the GDP, hindering their fiscal consolidation efforts and deepening the region's debt crisis.
Investor sentiment has turned fragile as the market players continue to worry about the uncertainties in the euro zone. Market participants sense that the euro zone crisis is also taking its toll on the rest of the world with activity slowing down in all major economies, including China and Japan, in the second quarter.