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Asia shares rise despite oil worries | |
(34 minutes later) | |
Most Asian stock markets ended higher on Wednesday despite further falls in oil prices and growing concerns over the eurozone's economy. | |
Following its worst day since March, Japan's Nikkei 225 finished the trading day little changed at 16,885.33. | |
Brent crude oil prices dipped below $50 a barrel for the first time since May 2009 to $49.92. | |
US crude also fell below $50 to $47.92 and the price has now more than halved since mid-2014. | |
In addition to worries over oil prices and the political turmoil in Greece, a survey published on Tuesday indicating the eurozone saw anaemic growth in December further fuelled investor concerns. | In addition to worries over oil prices and the political turmoil in Greece, a survey published on Tuesday indicating the eurozone saw anaemic growth in December further fuelled investor concerns. |
However, investors in China shrugged off the global news with shares heading higher. | |
The Shanghai Composite ended up 0.7% at 3,373.95, while in Hong Kong the Hang Seng closed up 0.8% at 23,681.26. | |
Energy shares hit | Energy shares hit |
Australia's share market remained in negative territory all day, with the S&P/ASX 200 closing down 0.2% at 5,353.61 points, with shares in energy firms bring hit by the falling oil prices. | Australia's share market remained in negative territory all day, with the S&P/ASX 200 closing down 0.2% at 5,353.61 points, with shares in energy firms bring hit by the falling oil prices. |
Shares in Santos, one of the nation's major oil and gas exploration firms, were down more than 1.3% at the end of the trading day, while resource giant BHP Billiton's shares finished flat. | Shares in Santos, one of the nation's major oil and gas exploration firms, were down more than 1.3% at the end of the trading day, while resource giant BHP Billiton's shares finished flat. |
Kara Ordway, a market strategist at City Index, said the Australian market looked weak but that it was "kind of a follow through from what we've seen in the US overnight". | Kara Ordway, a market strategist at City Index, said the Australian market looked weak but that it was "kind of a follow through from what we've seen in the US overnight". |
Leading US stock indexes closed lower for the fifth consecutive trading session on Tuesday, with the S&P 500 clocking its worst losing streak since late 2013. | Leading US stock indexes closed lower for the fifth consecutive trading session on Tuesday, with the S&P 500 clocking its worst losing streak since late 2013. |
In South Korea, the benchmark Kospi reversed earlier losses and moved into positive ground by the end of the day, closing up 0.7% at 1,883.83. | In South Korea, the benchmark Kospi reversed earlier losses and moved into positive ground by the end of the day, closing up 0.7% at 1,883.83. |
Shares in Korean Air Lines continued to fall, sliding 4.7%. Its shares had dropped more than 6% on Tuesday after announcing it would sell more than 500bn won ($455m) worth of new shares as it seeks to reduce its debt. | Shares in Korean Air Lines continued to fall, sliding 4.7%. Its shares had dropped more than 6% on Tuesday after announcing it would sell more than 500bn won ($455m) worth of new shares as it seeks to reduce its debt. |