Market Report - Asian Shares Ignore China Cut

WONG:
Asia stock markets retreated for a third straight day today as more investors locked in profits on the year-end rally and prepared to close their books ignoring a rate cut by China.

The People's Bank of China eased interest rates by a quarter of a percentage point on Monday night.

But Beijing's fifth rate cut since September failed to boost markets: Shanghai and Hong Kong markets fell sharply by mid-day as the cut, which was smaller than expected.

The South Korean won and other regional currencies slipped, surrendering some of their gains posted this month as foreign investors have gradually warmed up to investing in riskier assets.

Oil extended sharp fall to drop further below 40 dollars a barrel, weakened anew by growing signs of deteriorating world oil demand.

Trading was limited, with Japanese financial markets closed for a national holiday and many market players away from their desks before Christmas and other year-end holidays.

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