Majority of investors are worried about the possibility of contagion from the Greek debt crisis resulting which Monday also proved unlucky for the Asian stock markets as they were mostly lower and that too with many of the regional oil and financial stocks taking a beating.

According to the reports, Japan's Nikkei Stock Average down was noted to be 0.9%, Australia's S&P/ASX 200 marked a fall of 1.1% to 4457.30, South Korea's Kospi Composite was 1.0% lower, The Shanghai Composite Index was slightly up by 0.4%, Hong Kong's Hang Seng Index fell by 0.7%, and India's Sensex also cited a fall of 0.1%. On an average, Dow Jones Industrial Average futures were down by 34 points in screen trade.

Friday’s news regarding the Moody's Investors Service’s consideration of the downgrading of the creditworthiness of a group of banks in Italy stoked contagion fears resulting which the mood in the regional markets subdued amid euro-zone debt concerns.

"We have seen this pattern before of Greece's debt problems spilling over into neighboring countries such as Spain and Italy so we still need to be cautious about Europe's sovereign debt risk," said Yutaka Miura, a Senior Technical Analyst at Mizuho Securities in Tokyo.