Stocks across Asia ended sharply lower Wednesday, with Japanese and South Korean indexes leading the declines on weakness in oil-related shares such as Inpex Holdings.
In Tokyo, the Nikkei 225 index dropped 295.37 points, or 1.71 percent, to 16,942.40 while Hong Kong's Hang Seng Index fell 329.74 points, or 1.66 percent, to close at 19,568.34.
Nippon Steel Corp. dropped 4 percent to 772 yen (US$6.49) and Sumitomo Metal Industries Ltd. shed 3.31 percent to 497 yen (US$4.18).
Japan Airlines Corp. rose 3.11 percent to 232 yen (US$1.95) following a report that the company plans to cut its staff by up to 3,000 over the next few years.
Elsewhere:
BANGKOK: Thai shares rose 0.9 percent to end at 622.27, erasing earlier falls after the finance minister said the telecom industry was not subject to a 50 percent voting right limit on foreign investors.
JAKARTA: Indonesia shares plunged 4 percent to a five-week low of 1,710.36 in moderate volume, as foreign investors continued to lock in gains after the index rose 54 percent last year.
KUALA LUMPUR: Malaysian shares dropped as local funds helped shore-up selling pressure in select heavyweights. The Kuala Lumpur Composite Index slipped 0.7 percent to 1,113.17 points.
MANILA: Philippine shares ended slightly lower, hurt by profit-taking and a 2.5 percent drop in Philippine Long Distance Telephone Co.'s American depositary receipts. The benchmark Philippine Stock Exchange Index fell 21.24 points, or 0.7 percent, to 2,951.08.
MUMBAI: Indian shares ended sharply lower, pulled down by top lender State Bank of India and state-run Oil & Natural Gas as nervous investors booked profit ahead of the earnings season. The Bombay Stock Exchange's benchmark 30-stock Sensitive Index, or Sensex, dropped 1.5 percent, or 204.17 points, at 13,362.16 points.
SEOUL: South Korean shares fell, dragged by technology stocks. The won rose, snapping five straight declines. The Korea Composite Stock Price Index fell 18.55 points, or 1.4 percent, to 1,355.79.
SHANGHAI: Chinese shares surged to another record high close as lower crude oil prices triggered buying of transportation shares. The benchmark Shanghai Composite Index gained 0.6 percent to 2,825.58. The Shenzhen Composite Index rose 2.7 percent to 610.42.
SINGAPORE: Singapore's shares fell amid declines in regional markets as well as profit-taking. The benchmark index fell 47.2 points, or 1.6 percent, to 2,961.15.
TAIPEI: Taiwanese shares fell slightly amid regional declines following proposed Thai rules to curb foreign investments. The Weighted Price Index of the Taiwan Stock Exchange dropped 91.49 points, or 1.2 percent, to 7,698.25.
WELLINGTON: New Zealand's stocks closed higher, buoyed by the strength of heavyweight Telecom Corp. in an otherwise mixed market. The benchmark NZX-50 index rose 11.4 points, or 0.3 percent, to 4,064.07.
SYDNEY: Australian shares fell after strong gains in the previous session, with a sharp fall in resources and subsequent retreat in defensive stocks. The benchmark S&P/ASX 200 index fell 68.8 points, or 1.2 percent, to the day's low of 5,520.9.
With files from wire services
