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Asian shares lower tracking falling oil prices Asian markets fall on lower oil prices
(about 5 hours later)
Asian stocks were lower on Tuesday as energy-related shares fell on news that oil prices had dropped to their lowest levels since 2009. Asian stocks fell, dragged down by energy-related shares as oil prices hit their lowest levels since 2009.
The price of West Texas crude dropped 5.8% to $37.65 (£24.99) a barrel, while Brent Crude fell 5.3% to $40.73. The price of West Texas crude dropped 5.8% to $37.65 a barrel, while Brent Crude fell 5.3% to $40.73.
Oil prices have been hit after OPEC - which is a group of the largest oil producing nations - refused to cut oil production last week. Oil prices have been hit after Opec - the oil producers' cartel - failed to cut production last week.
Japan's Nikkei 225 was down 0.32% at 19,635.94 points. Japan's Nikkei 225 closed down 1% at 19,492.6, despite figures showing that Japan's economy avoided a technical recession in the third quarter.
Investors seemed to move past positive data released earlier that showed Japan's economy had avoided a technical recession in the three months to September. Shares in troubled Japanese tech giant Toshiba ended 3% lower following the news that the firm could face a record fine of 7.37bn yen ($60m; £39m) for its multi-billion dollar accounting scandal.
Shares of troubled Japanese tech giant Toshiba were down 2.95% in Tokyo trade after news the firm could face a record fine of 7.37bn yen ($60m; £39m) for its multi-billion dollar accounting scandal.
Fifty individual Toshiba shareholders are also seeking $2.45m in damages from the firm after its stock plunged following the accounting scandal.Fifty individual Toshiba shareholders are also seeking $2.45m in damages from the firm after its stock plunged following the accounting scandal.
Oil stocks hurtingOil stocks hurting
Fresh data from China showed the country's exports fell 3.7% in yuan-denominated terms for the month of November compared to a year earlier, while imports fell 5.6%. Fresh data from China showed the country's exports fell 3.7% in yuan-denominated terms in November from a year earlier, while imports fell 5.6%.
Expectations were for a fall in exports of 2.9% and a fall in imports of more than 11%. The latest figures leave the country with an overall trade surplus of 343bn yuan ($53.4bn) and did little for investor sentiment.
The latest figures leave the country with an overall trade surplus of 343bn yuan ($53.4bn). The Shanghai Composite index closed down 1.9% at 3,470.07, while Hong Kong's Hang Seng index dropped 1.3% to 21,905.13.
Hong Kong's Hang Seng index was down 1.36% at 21,900.59, while the Shanghai Composite index was down 0.92% at 3,504.58. Shares in China National Offshore Oil Corporation (CNOOC Group) - a major oil firm in China - finished 3.6% lower.
Shares of China National Offshore Oil Corporation (CNOOC Group) - a major oil firm in China - were down 3.14% in Hong Kong trade. In Australia, Sydney's S&P/ASX 200 closed down 0.91% at 5,108.60 points, with energy stocks weighing on the index.
In Australia, Sydney's S&P/ASX 200 index was down 0.56% at 5,126.70 weighed down by energy stocks. Shares in BHP Billiton, which has substantial interests in conventional and unconventional oil and gas, closed down 5% in Sydney trade.
BHP Billiton's shares were down 4.7% in Sydney trade. The firm has substantial interests in conventional and unconventional oil and gas. Meanwhile, Sydney-listed shares of oil and gas provider Santos closed down 12.6%.
South Korea's Kospi index was down 0.47% at 1,954.39. Analysts warned investors to steer clear of shares related to the oil and gas sector.
"With conditions expected to remain volatile, investors would be wise to avoid the sector altogether and focus on other opportunities instead," said the Motley Fool's Ryan Newman.
Samsung
On a brighter note, shares of South Korea's Samsung Engineering - part of the huge family-run Samsung conglomerate - jumped by nearly 24% in early trade after the group's heir, Lee Jae-yong, said he would back the construction arm's 1.2 trillion won ($1.02bn) rights issue.
Samsung Engineering posted a record quarterly loss in the three months to September, prompting plans for the rights issue. The firm's shares finished the trading day up 14%.
However, the good news did little to help the benchmark Kospi index, which finished the day down 0.75% at 1,949.04.