(MENAFN- Gulf Times) Asian markets mostly slipped yesterday following a sell-off in Europe and the US, as oil prices plunged to more than five-year lows and data indicated Chinese manufacturing activity shrank in December.
The dollar and euro edged lower against the yen after losing pace Monday due to the uncertainty created by weak crude prices, which have increased pressure on Russia's economy and spooked investors.
Tokyo tumbled 2.01%, or 344.08 points, to finish at 16,755.32. Sydney fell 0.65%, or 33.78 points, to 5,152.3 and Seoul lost 0.85%, or 16.23 points, to end at 1,904.13.
Hong Kong stocks ended 1.55% lower, giving up 357.35 points to 22,670.5, but Shanghai jumped 2.31%, or 68.10 points, to 3,021.52. In other markets, Bangkok closed down 1.13% or 16.75 points to 1,461.74; Bangchak Petroleum dropped 4.07% to 29.50 baht, while oil firm PTT Exploration and Production plunged 5.16% to 101baht.
Malaysia's main stock index fell 23.37 points or 1.37% to close at 1,673.94; Malayan Banking went down 3.60% to 8.29 ringgit, while AMMB Holdings went up 0.16% to 6.20. British American Tobacco fell 2.94% to 64.76.
Jakarta closed down 1.61%, or 82.40 points, at 5,026.03; palm oil producer Astra Agro Lestari lost 2.70% to 22,500 rupiah, while Hero Supermarket rose 0.21% to 2,420 rupiah.
Singapore closed down 2.40%, or 79.05 points, to 3,215.09; United Overseas Bank fell 3.49% to Sg$23.25 while Singapore Telecom finished down 2.77% at Sg$3.86.
Taipei fell 0.39%, or 34.72 points, to 8,950.91; Taiwan Semiconductor Manufacturing Co shed 2.21% to Tw$133.0 while Hon Hai Precision Industry closed 1.94% lower at Tw$86.0.
Wellington was flat, edging down 3.32 points to 5,495.75; Contact Energy eased 0.48% to NZ$6.17 and Fletcher Building was off 0.99% at NZ$7.97.
Manila closed 1.58% lower, shedding 115.24 points to 7,160.38; SM Prime Holdings dropped 1.76% to 16.70 pesos and Universal Robina Corp ended 1.22% down at 194pesos, but Philippine Long Distance Telephone rose 0.85% to 2,864pesos.
In China, banking giant HSBC said its preliminary index of manufacturing activity came in at 49.5 this month, compared with 50 in November. Anything below 50 points to contraction and anything above shows growth.
The figures are the latest in a long line that show the world's number two economy is slowing. However, Shanghai shares advanced-extending a recent bull run-on hopes the government will introduce new measures to spur growth.
Nomura economists said: "The greater-than-expected decline... raises the possibility that December data will disappoint. We expect more policy easing to help stabilise growth and to achieve the annual growth target of around 7.5% for 2014."
Oil-linked firms are being hammered after crude prices plunged by about half from their June highs, weighed down by an oversupply on world markets.
Despite the benefits cheap oil brings to some, global stock markets have been dragged down by energy giants and analysts warn there could be further falls on the way.
Yesterday US benchmark West Texas Intermediate for January delivery fell 33 cents to $55.58 while Brent crude for January shed $1.43 to $59.63 in early London trade, tumbling below the $60 mark for the first time since mid-2009.
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