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HONG KONG, July 14: Asian stock markets were hit badly on Friday as escalating violence in the Middle East pushed oil prices to record highs and added to a litany of geo-political concerns sapping investor confidence.
Dealers said the backdrop was uniformly negative, with the losses an unwelcome reminder of the dark days of May and June as investors moved from one concern to another with little hope of early relief.
They noted first that oil prices at 78 dollars a barrel and talk of 100 dollars if Israeli attacks on Lebanon spark a wider Middle East conflict, rattled nerves given the likely impact on inflation and interest rates.
TOKYO: Japanese share prices sank to a three-week low on concerns over escalating violence in the Middle East and record high oil prices, while the end of Japan's zero interest rates had little impact, dealers said.
The Tokyo Stock Exchange's benchmark Nikkei-225 index fell 252.71 points or 1.67 per cent to 14,845.24, the weakest finish since June 21. The broader TOPIX index of all first-section issues lost 29.32 points or 1.89 per cent to 1,521.71.
Losers led gainers 1,490 to 163, with 43 stocks unchanged.
Volume fell to 1.66 billion shares from 1.73 billion Thursday.
HONG KONG: Hong Kong share prices closed 1.04 per cent lower as oil prices hit a fresh record, triggering renewed worries over inflation and interest rates, dealers said.
SYDNEY: Australian shares prices closed 2.33 per cent lower following steep falls on Wall Street overnight as oil prices hit record highs amid escalating tensions in the Middle East, dealers said.
SINGAPORE: Singapore share prices closed 1.38 per cent lower as record high oil prices of more than 78 dollars a barrel weighed on sentiment amid an escalation of violence in the Middle East, dealers said.
KUALA LUMPUR: Malaysian share prices closed 1.39 per cent lower in line with weaker regional markets as investors fretted over record oil prices and tensions in the Middle East, dealers said.
JAKARTA: Indonesian share prices closed 2.28 per cent lower amid fears over a fresh spike in the price of oil, which hit record highs of 78 dollars per barrel amid an escalation of violence in the Middle East, dealers said.
WELLINGTON: New Zealand share prices closed 1.29 per cent lower as world markets tumbled on worries about record high oil prices and increasing violence in the Middle East, dealers said.
MUMBAI: Indian share prices closed 1.66 per cent lower on concerns of higher inflation led by crude oil prices and an escalation of tensions in the Middle-East, dealers said.—AFP
