02 Mar '11, 10am

Asian stocks tumble on Mideast unrest

HONG KONG - Asian stocks tumbled on Wednesday following a surge in crude prices caused by concerns about a wave of instability in the oil-rich Middle East and North Africa. Tokyo's Nikkei dived 2.43 percent, or 261.65 points, to 10,492.38, its biggest loss since August 31, while Hong Kong's Hang Seng ended down 1.49 percent, or 347.76 points, at 23,048.66. Shanghai edged down 0.18 percent, or 5.11 points, to 2,913.81, while Sydney's S&P/ASX 200 ended down 0.48 percent, or 23.2 points, at 4,803.2. Seoul closed down 0.57 percent, or 11.06 points, at 1,928.24. In other markets, Singapore closed down 1.31 percent, or 40.09 points, at 3,027.51. Taiwan fell 1.23 percent; Manila dropped 0.28 percent; Kuala Lumpur closed down 0.20 percent; Jakarta fell 0.75 percent; Bangkok edged down 0.69 percent. Sentiment has been hammered as the price of crude sits at highs not seen since befo...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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