2017.05.2904:45:00UTC+00Asian Markets Trended Flat After North Korea Missile Test

The majority of Asian markets traded little changed on Monday following the latest missile test by North Korea. Major markets were closed for public holidays today.

North Korea fired what appeared to be a ballistic missile near its coast. The missile has reportedly landed in the Sea of Japan after staying in the air for six minutes. Markets in Asia mostly brushed off the news.

Japan's benchmark Nikkei 225 index finished relatively little changed, lower by 0.02 percent at 19,682.57. South Korea's Kospi lost 0.1 percent to end at 2,352.97 following six consecutive sessions of gains.

Japanese electronics company Sharp said it estimated a profit of 59 billion yen ($530 million) for the year ended March. Shares of Sharp closed little changed at 415 yen per stock. Softbank Group shares slipped 1.85 percent at 8,732 yen per stock, despite a note from Nomura that raised its target price of the telecommunications firm from 11,550 yen to 11,280 yen per stock.

Australia's S&P/ASX 200 dropped after trading flat earlier in the session, to close down by 0.77 percent at 5,7071. The drop was propelled by the financials sub index, which fell 1.41 percent.

Mainland China markets were closed for a public holiday. Hong Kong's Hang Seng Index was 0.24 percent higher in afternoon trade.