(MENAFN- Saudi Press Agency) Asian stock markets were in the red on Wednesday, dented by weak earnings in Australia and doubts about Greece's ability to repay debts due to the IMF this month. Chinese markets turned lower after a brief rebound from the previous day's sell-off, AP reported.
Republic of Korea's Kospi fell 1.3 percent to 2,104.58 and Australia's S&P/ASX 200 sank 2.3 percent to 5,692.20. Stocks in Southeast Asia were also lower. Chinese markets, which briefly rebounded from their biggest drop in months on Tuesday, failed to sustain the gains. Hong Kong's Hang Seng index dropped 0.3 percent to 27,653.06 and China's Shanghai Composite Index lost 1.6 percent to 4,231.33. Japan was closed for a holiday.
A standoff in talks between Greece and its lenders stoked worries in the markets. Top officials in the European Union said they are making progress on finding a way to keep the country afloat and in the 19-nation eurozone. Greece will have to scrounge for cash to make a 750 million euro repayment to the International Monetary Fund by May 12.
Benchmark U.S. crude jumped $1.19 to $61.59 per barrel in electronic trading on the New York Mercantile Exchange. Crude oil climbed above $60 a barrel for the first time this year on Tuesday following reports that a Libyan oil terminal had closed. The contract jumped $1.47 to finish at $60.40 a barrel on Tuesday. Brent crude added 77 cents to $68.29 a barrel in London.
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