Asian markets declined in the initial session of trade on Thursday (May 08), led by financial companies, on concern that new disclosure requirements for U.S. investment banks will expose more credit-related losses. U.S. regulators announced that the investment banks will be required to disclose capital and liquidity levels.
Japan`s third-largest publicly traded bank, Mizuho Financial Group, and South Korea`s largest bank, Kookmin Bank, declined the most.
Japan`s index Nikkei 225 declined 123.54 points, or 0.88%, to trade at 13,978.94.
Hong Kong`s index Hang Seng fell 30.60 points, or 0.12%, to trade at 25,579.61.
China`s Shanghai Composite lost 5.18 points, or 0.14%, to trade at 3,573.97.
Taiwan`s Taiex index lost 47.09 points, or 0.53%, to trade at 8,879.25.
South Korea`s KOSPI declined 1.47 points, or 0.08%, to trade at 1,852.54.
Singapore`s Straits Times lost 41.74 points, or 1.29%, to trade at 3,187.21. (8.21 a.m., IST)