Asia slips further; Shanghai Composite down 3.6%

At 13 hours IST, Asian markets slipped further. China's Shanghai fell on concern that banks will have to raise more capital to meet swelling loan demand which dragged financial companies lower. China's Shanghai Composite plunged 3.62% or 119.185 points to 3,170.98.

Hang Seng was trading at 22,141.18, down 470.62 points or 2.08% and Jakarta Composite was at 2,401.2, down 60.33 points or 2.45%.

Nikkei 225 Average fell 58.40 points or 0.62% to 9,383.24 and Straits Times was down 26.71 points or 0.96% to 2,766.13. Seoul Composite was trading at 1,599.52, down 12.36 points or 0.77% and Taiwan Weighted was at 7,739.16, down 17.15 points or 0.22%.

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