HONG KONG: Asian stock markets fell Monday as worries about Greece’s debt crisis and India’s sudden interest rate hike rattled investors. Major indexes were down as much as 2 percent after selling hit U.S. and European markets on Friday. Oil prices fell toward $80 a barrel, while the euro slid further against the dollar.
Anxiety over Greece’s ability to pay its massive debts has weighed on investors in recent months. Other countries that use the euro currency have shown a reluctance to come to Greece’s aid, with Germany’s chancellor saying Sunday financial help shouldn’t be up for discussion at this week’s European summit.
Also weighing on investors was an unexpected decision by India’s central bank to raise interest rates. The Reserve Bank of India hiked key lending rates late Friday by a quarter-percentage point in an attempt to cool high inflation amid a faster-than-expected economic rebound.
Hong Kong’s Hang Seng index fell 406.00 points, or 1.9 percent, to 20,964.82 and South Korea’s main benchmark lost 18.44, or 1.1 percent, to 1,667.67.
Japanese markets were closed for a national holiday.
Elsewhere, Shanghai’s benchmark lost 0.1 percent, Australia’s market was off 0.7 percent and India’s Sensex dropped 0.8 percent.
Oil prices were down in Asia, with benchmark crude for April delivery falling 56 cents to $80.12 a barrel.
In currencies, the euro was trading lower at $1.3515 from $1.3525 after diving on Friday. The dollar edged down to 90.43 yen from 90.53 yen.
Friday on Wall Street, The Dow fell 37.19, or 0.3 percent, to 10,741.98.
The Standard & Poor’s 500 index fell 5.93, or 0.5 percent, to 1,159.90.
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