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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 and investor sentiment. | |
Chinese shares led the region's losses with the mainland's benchmark Shanghai Composite index closing down 3.55% at 2,900.97. | |
Hong Kong's Hang Seng index closed the trading day down 1.5% at 19,520.77. | |
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 Asia | Rest of Asia |
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 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 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. | |
In South Korea, the benchmark Kospi index finished down 1.1% at 1,878.87, its lowest level for more than four months. | |