Japanese stocks snapped a three-session winning streak on Tuesday, as oil stocks led the index lower on a renewed drop in crude prices.
In Japan, the Nikkei 225 index sifted off 110.02 points, or 0.6%, to 17,087.71. The yen was up at ¥118.28 per U.S. dollar, compared with ¥118.35 late Monday in New York.
In Hong Kong, the Hang Seng index grew 189.51 points, or 0.8%, to 24,215.97.
As Japanese markets were closed for a public holiday on Monday, the session was the first opportunity for investors to react to two days of losses in U.S. equities markets and to a cut in the near-term economic growth forecast by Japan’s government.
On Tuesday, oil prices fell for the second consecutive day, with light, sweet crude for delivery in February dropping below $45 U.S. a barrel on the New York Mercantile Exchange. Crude settled at $46.07 U.S. a barrel in the previous day.
In Japan, oil explorer Japan Petroleum Exploration Co. Ltd. tumbled 4%, rival Showa Shell Sekiyu K.K. declined 2.8%, and Inpex Corporation lost 2.6%.
Among other movers, Sony Corporation fell 3%, while airlines ANA Holdings Inc. and Japan Airlines Co., Ltd. advanced 0.8% and 0.7% respectively.
In other markets;
The Shanghai CS300 index inched higher by 0.46 points to 3,514.04
The Kospi in Korea slipped 3.82 points, or 0.1%, to 1,917.14
In Taiwan, the Taiex index restored 53.50 points, or 0.6%, to 9,231.80
In Singapore, the Straits Times Index slid 3.82 points, or 0.1%, to 3,341.07
New Zealand’s NZX 50 index added 26.80 points, or 0.5%, to 5,636.61
Australia’s S&P/ASX 200 skidded 18.01 points, or 0.3%, to 5,404.69
