Alexa

Energy shares lead Asian markets lower on big US oil buildup


              A man looks at an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were mostly lower ...

              A man walks by an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were mostly lower ...

              A man is reflected on an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were mostly...

              Pedestrian are reflected on an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were ...

A man looks at an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were mostly lower ...

A man walks by an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were mostly lower ...

A man is reflected on an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were mostly...

Pedestrian are reflected on an electronic stock board of a securities firm in Tokyo, Thursday, March 9, 2017. Asian stock markets were ...

HONG KONG (AP) — Asian stock markets were mostly lower Thursday after news of a big buildup in U.S. oil stockpiles depressed crude prices and shares of energy companies.

KEEPING SCORE: Japan's benchmark Nikkei 225 index climbed 0.2 percent to 19,283.65 as a weaker yen lifted shares of exporters. South Korea's Kospi dipped 0.1 percent to 2,093.31 and Hong Kong's Hang Seng lost 1.1 percent to 23,522.78. The Shanghai Composite index in mainland China slid 0.8 percent to 3,215.47 and Australia's S&P ASX 200 shed 0.3 percent to 5,741.20. Benchmarks in Taiwan, Singapore, Thailand and Indonesia also lost ground.

EXCESS ENERGY: Oil reserves grew by 8 million barrels last week, far more than analysts expected, according to a report by the Energy Information Administration. The news triggered a sell-off in energy-related shares and oil futures, with benchmark U.S. crude losing $2.86, or 5.4 percent, to close at $50.28 a barrel, its biggest drop in more than a year. Prices had stabilized by early Thursday afternoon in Asia, with crude oil adding 32 cents to $50.60 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 43 cents to $53.54 a barrel in London.

ANALYST INSIGHT: "It's pretty bad. A 5 percent drop in the oil price is very significant. It even has an impact on the stock market as well," said Margaret Yang, an analyst at CMC Markets in Singapore. "The overall performance of U.S. indices was dragged down by the energy sector and the same thing is happening" in Asia, she said. Shares of Japan Petroleum Exploration slid 1.7 percent while PetroChina, China's biggest oil producer, slumped 2.2 percent and Sinopec, the country's largest refiner, tumbled 3.3 percent. Australia's Woodside Petroleum lost 1.2 percent.

CURRENCIES: The dollar rose to 114.55 yen from 114.33 yen. The euro slipped to $1.0532 from $1.0539. The greenback gained ground after an upbeat U.S. jobs report boosted expectations that the Fed will raise interest rates at its next policy meeting on March 14-15. The private ADP survey found that U.S. businesses last month added the most jobs in three years, in a healthy sign for the world's biggest economy.

WALL STREET: Major U.S. benchmarks fell for the third day in a row. The Standard & Poor's 500 index dipped 0.2 percent to 2,362.98. The Dow Jones industrial average lost 0.3 percent to 20,855.73. The Nasdaq composite rose 0.1 percent to 5,836.55 as health care and technology companies moved higher.


Updated : 2021-02-26 21:03 GMT+08:00