Investing.com– Most Asian equities were lower on Monday as South Korean shares plunged to their lowest levels in more than a year on deepening political unrest in the country, while investors assessed key economic data releases from China and Japan.
Risk appetite among investors was timid as they were also worried about geopolitical tensions in the Middle East after after rebel forces ousted Syrian President Bashar al-Assad and took control of Damascus. Media reports said al-Assad had landed in Moscow, while Israeli forces had entered Syria.
S.Korean shares slide 2%, lead Asia shares lower
South Korea’s KOSPI fell more than 2% on Monday to its lowest level since early-November 2023. The index had lost more than 1% last week.
South Korea’s political crisis deepened as prosecutors launched a criminal investigation into President Yoon Suk Yeol on Sunday, over his attempt to impose martial law in the country.
Yoon survived an impeachment vote in the opposition-controlled parliament on Saturday, but the head of his own party said that Yoon would be sidelined before eventually resigning.
The political instability in South Korea has kept investors on the edge, as any escalations could have ripple effects all over Asia.
Philippine’s PSEi Composite index fell 0.7%, while Indonesia’s Jakarta Stock Exchange Composite Index was largely unchanged.
Australia’s S&P/ASX 200 inched 0.2% lower while India’s Nifty 50 Futures indicated a muted open on Monday.
Japan GDP, China CPI in focus spur muted reaction from stocks
Japan’s Nikkei 225 was up 0.3%, while the TOPIX climbed 0.4% after Monday’s revised gross domestic product (GDP) data showed that Japanese economy grew slightly more than expected in the third quarter. However, the reading was well below prior quarter’s rise.
