Stock markets across most of Asia were closed on Monday while Australian stocks struggled to get off the ground following a sell-off among mining shares.

Stock markets in Tokyo were closed for its National Foundation day and will reopen on Tuesday. China, Taiwan, Singapore and Malaysia are all closed for the Lunar New Year festival. South Korea is closed for its Seollal holiday.

The Hong Kong was also closed for the Lunar New Year and will resume trading Thursday February 14th.

On Friday the benchmark Nikkei 225 index fell 203 points at 11,153 in Tokyo while the Hang Seng index closed up 38 points at 23,215 on Friday.

Elsewhere in Australia the benchmark S&P/ASX200 index settled off 11 points at 4959 on Monday as investors sold mining and energy stocks.

In company news, electrical retailer JB Hi-Fi was among the biggest risers after it forecast stronger than expected full-year profits.

In economic news Australian home loan approvals declined in December for the third month running. The number of first time buyers fell to an eight and a half year low despite ultra low interest rates.


CJ

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