Asian shares fall on subdued Wall Street, dip in oil prices

People wait to cross a street in front of an electronic stock indicator of a securities firm in Tokyo, Tuesday, Feb. 7, 2017. Asian stock markets were mostly lower Tuesday and oil prices rebounded after declines that dragged Wall Street lower. (AP Photo/Shizuo Kambayashi)
A man looks at an electronic stock indicator of a securities firm in Tokyo, Tuesday, Feb. 7, 2017. Asian stock markets were mostly lower Tuesday and oil prices rebounded after declines that dragged Wall Street lower. (AP Photo/Shizuo Kambayashi)
People are reflected on an electronic stock indicator of a securities firm in Tokyo, Tuesday, Feb. 7, 2017. Asian stock markets were mostly lower Tuesday and oil prices rebounded after declines that dragged Wall Street lower. (AP Photo/Shizuo Kambayashi)

KUALA LUMPUR, Malaysia — Asian shares were mostly lower Wednesday following a subdued session on Wall Street as energy stocks were weighed down by falling oil prices.

KEEPING SCORE: Tokyo's Nikkei 225 eased 0.2 percent to 18,875.57 points while Hong Kong's Hang Seng shed 0.5 percent to 23,222.26. The Shanghai Composite index fell 0.5 percent to 3,138.32 and benchmarks in New Zealand, South Korea and Taiwan were also lower. Sydney's S&P ASX 200 bucked the trend to rise 0.3 percent to 5,635.80.

WALL STREET: Wall Street capped a subdued day of trading Tuesday with tiny gains led by consumer goods makers and technology companies. Energy sector stocks rode a rebound in oil prices to gain 23.7 percent in 2016 but are off 5.1 percent this year. The Dow Jones industrial average rose 0.2 percent to 20,090.29. The Standard & Poor's 500 index was flat at 2,293.08. The Nasdaq gained 0.2 percent to 5,674.22, another record high.

ENERGY: Benchmark U.S. crude extended losses, falling 62 cents to $51.55 a barrel in electronic trading on the New York Mercantile Exchange. It lost 84 cents to close at $52.17 a barrel on Tuesday due to a stronger dollar and after weekly data showed a sustained build-up in U.S. oil inventory. Brent crude, the benchmark for international oil prices, shed 45 cents to $54.60 a barrel. It slipped 67 cents to $55.05 a barrel the previous session. The American Petroleum Institute data showed crude inventory at 14.2 million barrels, the second highest on record. Official government data is due later Wednesday.

ANALYST'S QUOTE: Ric Spooner, chief market analyst with CMC Markets, said oil prices broke below recent support levels. "This reflects the near term reality that, despite OPEC production cuts, it will take some time for the world's large oil inventories to be reduced. This makes the oil price vulnerable to a short term decline below $50," Spooner said in a commentary.

CHINA'S FALLING RESERVES: China's foreign reserves fell more than expected to $2.998 trillion, the lowest level in six years. This added to concerns over China's capital outflow and sent its currency and share benchmarks lower.

CURRENCY: The dollar fell to 112.14 yen from 112.19 on Tuesday. The euro fell to $1.0686 from $1.0696.

Must Read

Ship collision exposes Southeast Asian territorial spat

Aug 24, 2017

The collision between the USS John S. McCain and an oil tanker has exposed an obscure Southeast...

The Latest: Official says school applied for safety approval

Sep 14, 2017

A fire department official says the initial investigation into a fatal dormitory fire in Malaysia...

The Latest: Official: Malaysia fire victims were to move out

Sep 14, 2017

Malaysian Islamic school principal says dormitory razed by fire was a temporary boarding house...

Malaysia prepares mass burial for school fire victims

Sep 15, 2017

Malaysian authorities are preparing a mass burial for 23 mostly young boys who died in a fire at a...

AP Interview: Mahathir says opposition can win Malaysia vote

Sep 18, 2017

Former Malaysian Prime Minister Mahathir Mohamad says in an AP interview the opposition alliance...

People also read these

Ship collision exposes Southeast Asian territorial spat

Aug 24, 2017

The collision between the USS John S. McCain and an oil tanker has exposed an obscure Southeast...

The Latest: Official: Malaysia fire victims were to move out

Sep 14, 2017

Malaysian Islamic school principal says dormitory razed by fire was a temporary boarding house...

Malaysia Airlines outgoing CEO says Ryanair needs his help

Oct 18, 2017

Malaysia Airlines outgoing CEO Peter Bellew says he decided to return to Ryanair as a form of...

Muslims in Asia rally against Trump's Jerusalem move

Dec 8, 2017

Muslims in Indonesia and Malaysia protested outside the U.S. embassies Friday against President...

Malaysian PM leads protest in solidarity with Palestinians

Dec 22, 2017

Malaysian prime minister leads thousands of Muslims in a rally to show solidarity with...

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH

About Us

In Malaysia Corner, we’re here to bring back those days where you can still catch up with everyday news no matter which corner you are at.

Contact us: sales@malaysiacorner.com