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HONG KONG, Oct 19: Asian stocks closed lower on Friday after the cost of crude struck another record high and broke through the US$90 a barrel barrier, a falling US dollar and fears for the global economic outlook.
Oil prices hit that record high amid tensions between Turkey and Kurdish rebels in major oil producer Iraq, while a weaker dollar makes for stronger regional currencies and raises the cost of exports.
Given the extent of recent gains and ongoing fears surrounding the state of the mighty US economy, in particular the mortgage sector, profit taking again won out with Tokyo among the worse performers, down 1.7 percent.
TOKYO: Japanese share prices tumbled 1.7 per cent to a three-week low, hit by worries about a stronger yen and the impact of a credit squeeze on US banks.
Dealers said the benchmark Nikkei index sank back below the key 17,000 points level as the rising yen dimmed the outlook for exporter earnings.
Record high oil prices and a profit slump at Bank of America also weighed on sentiment.
The Nikkei-225 index fell 291.72 points to 16,814.37. Turnover dropped to 1.72 billion shares from 1.75 billion on Thursday.
SYDNEY: Australian share prices closed down 0.9 per cent as investors locked in gains after a recent sharp rise and with falls in Asia weighing on sentiment.
The S&P/ASX 200 index closed down 61.4 points at 6,706.3. A total of 1.78 billion shares worth 5.2 billion Australian dollars (4.6 billion US) changed hands.
CMC Markets dealer Matt Wacher said with little lead from Wall Street, investors looked to Asia for direction.
SINGAPORE: Singapore share prices closed 1.62 per cent lower, dragged down by banking stocks ahead of their third-quarter earnings reports next week.
Dealers said investors were also spooked by oil prices that traded near a record 90 dollars a barrel.
The Straits Times Index closed down 61.71 points at 3,747.98 on volume of 2.10 billion shares worth 2.31 billion Singapore dollars (1.58 billion US).
KUALA LUMPUR: Malaysian share prices closed 0.45 per cent lower, as concerns emerged over the impact of high oil prices on global economic growth.
Dealers said world oil prices hovered after smashing through 90 US dollars per barrel amid tensions between Turkey and Kurdish rebels in Iraq.
JAKARTA: Jakarta share prices closed 2.0 per cent lower for the second straight session as investors continued to lock in profits following recent record-setting rallies.
The composite index closed down 52.99 points to 2,563.75. Volume was 3.62 billion shares worth 4.5 trillion rupiah (495.05 million dollars).
WELLINGTON: New Zealand share prices closed flat shrugging off negative sentiment a day before the 20th anniversary of the sharemarket crash following a plunge on Wall Street.
The NZX-50 ended just 3.16 points up at 4,316.31 on turnover worth 89.16 million dollars (66.29 million US).
MUMBAI: Indian share prices slid 2.44 percent in volatile trade as investors chose to unwind positions fearing sharper falls on concerns over capital flow controls.
The Sensex index closed 438.41 points down to 17,559.98.
Investors nerves are still rattled. We expect the markets to remain choppy on low volumes until clarity on the P-note proposal comes through, said a dealer with brokerage ULJK Securities.—AFP
