Who said effect of European debt crisis is over, as Asian stocks witnessed decline due to the crisis, with authorities not reaching consensus to find way to control the effect of the crisis. The decline is the lowest for Asian markets since last two years.

Giants witnessed downfall in the market due to European crisis. Some of them being Esprit Holdings Ltd, which witnessed decline of 4.8% in Hong Kong market, Samsung Electronics Cooperation fell by 1.4% and Japan’s top lender, Mitsubishi UFJ Financial Group Inc suffered loss of 3.8%.

The one which faced biggest downfall since last three years was MSCI Asia Pacific Index, which fell by 2.3%.

Experts were of the view that the danger was there and it led big companies to downfall from their peak by almost 20%, which is a dreadful percentage. Europe is considered to be a strong market and currently it’s in loss which would surely affect Asian market and major setback would be faced by export industry as demand is considered to slow down.

To talk about other stock markets: Japan’s Nikkei 225 Stock, South Korea's Kospi and Australia's S&P/ASX 200 also fell down, but major impact was felt by Kospi Index as it fell by 3.6%.