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May 23, 2012, 08.50 AM IST | Source: Moneycontrol.com

Asian markets retreat on eurozone woes

At 8:21 hours IST: Asian markets retreated on Wednesday due to eurozone worries. Chinese Shanghai Composite fell 2.97 points to 2,370.33 and Hong Kong's Hang Seng declined 276.56 points or 1.45% to 18,762.59.

At 8:21 hours IST: Asian markets retreated on Wednesday due to eurozone worries. Chinese Shanghai Composite fell 2.97 points to 2,370.33 and Hong Kong's Hang Seng declined 276.56 points or 1.45% to 18,762.59.

Japan's Nikkei 225 Average lost 105.83 points or 1.21% to 8,623.46 and Singapore's Straits Times Index was down 29.76 points or 1.05% to 2,793.99.

South Korea's Kospi Composite Index went down 22.61 points or 1.24% to 1,806.08 and Taiwan Weighted slipped 100.54 points or 1.38% to 7,174.35.

Former Greek Prime Minister Lucas Papademos says preparations for the country's exit from the euro zone are being considered, but will be very damaging. He says such a move is unlikely to materialize but the risk is real.

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