why asian stock market down feb 23 2012

why asian stock market down feb 23 2012 : Asian stock markets were mostly lower Thursday as investors fretted over the details of a deal to save Greece from financial collapse and preserve its place among nations that use the euro. Japan bucked the trend as the yen weakened, boosting exporter shares.

Hong Kong's Hang Seng dropped 1 percent to 21,337.54 and South Korea's Kospi lost 1.1 percent to 2,005.47. Australia's S&P/ASX 200 shed 0.3 percent to 4,279.10. Benchmarks in Indonesia, Singapore and Taiwan were also lower.

But Japan's 225 Nikkei added nearly 0.1 percent to 9,562.51 as the dollar traded near a seven-month high against the yen. That's a positive sign for Japan's powerhouse exporters, which have struggled amid a prolonged period of strength in the yen.

Investors remained worried that a $170 billion bailout for Greece announced Tuesday would not be enough to keep the debt-laden country from eventually defaulting.

Greece is entering its fifth year of recession. Fitch ratings agency downgraded Greece further into junk status Wednesday, to a rating of C, one notch above default.

Greece says the bailout, plus an agreement it hopes to secure from investors to take losses on Greek government bonds, will keep it in the so called eurozone.

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