On Monday, Asian markets declined for the second day in a row. The concerns grew that the recent equity markets rally has outpaced the prospects of economic and earnings growth. Hong Kong, Korea and Taiwan markets traded lower while the Chinese markets were flat. Japan, Indonesia, India, Malaysia, Singapore and Philippines were closed for a holiday. The MSCI Asia ex Japan index gained around 60% year to date. Cyclical sectors like Materials, Consumer Discretionary, Financials and Information Technology outperformed the broader markets since the start of the year on the expectations of sharp earnings recovery in 2010. On the other hand, defensive sectors Health Care and Telecom were the worst performers.