Beijing, China (BBN)-Stocks in Asia were lower on Monday following Wall Street’s lead after the US Federal Reserve’s decided not to raise interest rates last week.
Australia’s benchmark S&P/ASX 200 index was down 2.57 per cent at 5,037.80 points in early trade, reports BBC.
While South Korea’s Kospi was down 1.45 per cent at 1,967.10.
Analysts said investor sentiment had been hit by the Fed’s concerns over weakening global growth and recent stock market volatility.
“The real dovish tone of the [Fed’s] statement, press conference and the Q&A has led to the conclusion that the Fed is becoming increasingly concerned about the global backdrop,” said market strategist Evan Lucas.
“This will led to very open-ended interpretations,” he added.
Lucas also said the market was becoming harder and harder to define, but said “if emerging market risk coupled with a low growth European environment is affecting Fed decision making, sentiment uncertainty will amplify – and it did during the US trading session, with a massive sell-off on Friday.”
In China, the benchmark Shanghai Composite was down 0.43 per cent at 3,085.77, while Hong Kong’s Hang Seng was down 1.22 per cent at 21,655.09 in early trade.
Markets in Japan are closed until Wednesday.