Asian markets in red amid US, Europe concerns and profit-taking

SINGAPORE - Asian markets were in the red on Tuesday (June 9) as sentiments remained bearish at home while a mixture of profit-taking and concerns over the Greek crisis led to decline elsewhere.

This followed a 0.46 per cent drop in Dow Jones Industrial Average, which is now down 0.32 per cent for the year amid the market's seesawing on economy and interest rate concerns.

Taking its cue from Wall Street, the benchmark Straits Times Index (STI) continued to dip towards the 3,300 support level, losing 0.4 per cent to 3,306.90 at around 3pm.

With no positive catalyst in sight, analysts expect STI to keep testing and likely drop below 3,300 this week, as investors also wait on the sideline for clarity on the United States interest rate outlook and the resolution of the Greek debt crisis that's being discussed by Euro zone leaders.

The same concerns are also driving down Nikkei, which dropped 1.76 per cent to 20,096.3 by 3pm. This marked Nikkei's biggest loss in almost a month, and the first time this year that it dropped for three straight days.

Meanwhile, Chinese markets also eased off from its bullish run today. With investors taking profit on Shanghai Composite's fresh seven year high yesterday, the index dropped 0.3 per cent by 3pm on Tuesday to 5,116.7. Hong Kong has also dropped 0.9 per cent to 27,069.6.

Sentiments there were muted by persistent worries that Chinese regulators will tighten credit and capital market control to clamp down on speculation.