HONG KONG, June 13, 2011 (AFP) Most Asian stock markets began the week in the red following another heavy loss on Wall Street while Tokyo was also hurt by a stronger yen and Shanghai slumped on concerns over China's economy.
Tokyo was 0.77 percent off by the break, Hong Kong fell 0.84 percent in early trade and fell 1.22 percent. But Seoul edged up 0.27 percent after a seven-session losing streak.
Sydney was closed for a public holiday.
Markets extended their recent run of losses as dealers grow increasingly concerned over the state of the global economy, with US data pointing to a slowdown in the recovery there, while China's growth also looks to be easing.
On Wall Street on Friday the Dow shed 1.42 percent, the S&P 500 lost 1.40 percent and the tech-rich Nasdaq lost 1.53 percent.
The Dow has now posted a loss for the past six weeks for the first time since 2002 as recent jobs data and manufacturing figures suggest the economy weakening.
In Tokyo on Monday, exporters were weighed as the yen strengthened against the euro amid worries about the European sovereign debt crisis.
The European common currency was sold off after news last week that authorities were looking at a potential Greek debt "rescheduling".
The euro saw its steepest one-day sell-off for a month on Friday, sliding to 115.23 yen from 116.42 yen the previous day.
In early Tokyo trade the single currency edged up to 115.60 yen.
"The current level of the euro still is too high for us," said Daisuke Karakama, market economist at forex division of Mizuho Corporate Bank. "It's not too wise to keep a long position now."
The euro also eased to $1.4326 from $1.4348 late on Friday in New York while the dollar fetched 80.68 yen against 80.31 yen.
Shanghai shares tumbled because of worries about a liquidity squeeze after figures showed new loans by banks in May fell sharply from the previous month as the government tries to rein in the flood of cash that is stoking inflation.
Lenders handed out 551.6 billion yuan ($85.14 billion) in loans last month, compared with 739.6 billion yuan in April -- and 100.5 billion yuan less than a year earlier, the People's Bank of China said in a statement.
On oil markets New York's main contract, light sweet crude for July delivery, lost nine cents to $99.20 a barrel and Brent North Sea crude for July rose 13 cents to $118.91.
Gold opened at $1,532.00-$1,533.00 an ounce in Hong Kong, down from Friday's day's close of $1,542.70-$1,543.70.
