Asian peers opened lower as concerns over rising coronavirus cases in Japan continued to weigh on the market. South Korean and Thai stock markets remained shut on Monday. MSCI s broadest index of Asia-Pacific shares outside Japan s Nikkei tanked 1.35 per cent.
The broader market continued to lose momentum as most small and midcap indices closed in the red. The volatility indicator also jumped as traders were on their toes.
"People are not buying companies because they believe in the business or valuation. People are buying because their friend bought something and it went up 30-50% or higher. That is a recipe for disaster. Eventually it will come back to bite us," says Nikhil Kamath of Zerodha.