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Asia markets lower as oil prices fall Asia markets lower as oil prices fall
(about 1 hour later)
Asian shares reversed earlier gains to head lower as global economic worries and oil prices continued to weigh on markets. Asian shares reversed earlier gains to head lower as global economic worries and oil prices continued to weigh on markets and investor sentiment.
Chinese shares led the region's losses with the Shanghai Composite index down 3.5% at 2,906.88, while the Hang Seng index fell 1.1% to 19,587.74. Chinese shares led the region's losses with the mainland's benchmark Shanghai Composite index closing down 3.55% at 2,900.97.
Oil prices also reversed gains to head lower in Asian trade. Hong Kong's Hang Seng index closed the trading day down 1.5% at 19,520.77.
The collapse in oil prices has spooked financial markets and heightened fears of a global slowdown. A collapse in oil prices has spooked financial markets and heightened fears of a global slowdown.
The price of US crude oil fell almost 2% to $30.59 a barrel, while Brent crude was down more than 1% to $30.54.The price of US crude oil fell almost 2% to $30.59 a barrel, while Brent crude was down more than 1% to $30.54.
Both benchmark oil contracts have fallen below $30 a barrel for the first time since the first half of 2004 this week.Both benchmark oil contracts have fallen below $30 a barrel for the first time since the first half of 2004 this week.
Meanwhile in China, the impact of attempts by the central bank to stabilise the currency this week seemed to be fading as shares continued to fall.Meanwhile in China, the impact of attempts by the central bank to stabilise the currency this week seemed to be fading as shares continued to fall.
"The Chinese equity markets have been more immune to muscular shows of state intervention," said Angus Nicholson, market strategist at trading firm IG."The Chinese equity markets have been more immune to muscular shows of state intervention," said Angus Nicholson, market strategist at trading firm IG.
Rest of AsiaRest of Asia
Japan's Nikkei 225 index closed down 0.5% at 17,147.11, was 3.1% lower for the week as a whole. Japan's Nikkei 225 index closed 0.5% lower at 17,147.11, and was down 3.1% for the week as a whole.
Shares in Sharp jumped over 14% after a local media report said Taiwan's Hon Hai Precision was set to invest $5.9bn (£4.1bn) in the struggling electronics maker. Shares in Sharp jumped by more than 14% after a local media report said Taiwan's Hon Hai Precision was set to invest $5.9bn (£4.1bn) in the struggling electronics maker.
Australia's S&P/ASX 200 index ended lower by 0.3% to 4,892.80, with shares of mining giant BHP Billiton up 1.3%. Australia's S&P/ASX 200 index ended down 0.3% at 4,892.80. Shares in mining giant BHP Billiton rose 1.3% despite it announcing that it would book a $7.2bn write-down on the value of its US shale assets as oil prices continue to slump.
The global miner has announced that it will book a $7.2bn writedown on the value of its US shale assets as oil prices continue to slump. In South Korea, the benchmark Kospi index finished down 1.1% at 1,878.87, its lowest level for more than four months.
In South Korea, the benchmark Kospi index finished down 1.1% at 1,878.87 - closing at a more than four-month low.