Asian markets drop in initial session

Asian markets declined in the initial session of trade on Tuesday (July 08). The benchmark index touched six-month low on concern that financial companies will take more write-down related to credit-market losses.

Mitsubishi UFJ Financial Group declined after analysts said the two largest U.S. mortgage-finance companies may need to raise extra capital.

Japan`s largest oil explorer, Inpex Holdings and Woodside Petroleum declined after crude fell by almost USD 4 a barrel.

Japanese benchmark index Nikkei lost 238.18 points, or 1.78%, to trade at 13,121.86.

Hong Kong`s index Hang Seng lost 337.67 points, or 1.54% to trade at 21,575.39.

China`s Shanghai Composite rose 26.36 points, or 0.94%, to trade at 2,818.76

Taiwan`s index Taiex lost 125.91 points, or 1.72%, to trade at 7,215.20.

South Korea`s KOSPI declined 32.34 points, or 2.05%, to trade at 1,547.38.

Singapore`s Straits Times lost 26.19 points, or 0.89%, to trade at 2,907.93. (8.16 a.m., IST)