Mfarhanonline Business News 
HONG KONG: Asian stock markets tumbled Thursday after a sell-off on Wall Street caused by heavy falls in commodities and as lingering concerns over European debt boosted the dollar.
Resource plays were hit after oil prices fell in New York because of a rally on the dollar and data suggesting demand was slowing in the United States and China, the world”s biggest energy users.
Tokyo closed down 1.50 percent, or 147.61 points, at 9,716.65, its biggest percentage loss in a month. Sydney fell 1.76 percent, or 84.1 points, to 4,696.1 and Seoul lost 2.03 percent, or 43.98 points, to 2,122.65. Hong Kong fell 0.94 percent, or 218.04 points, to 23,073.76 and Shanghai lost 1.36 percent, or 39.34 points, to end at 2,844.08.
The losses followed steep falls on Wednesday on Wall Street, where shares in big oil companies were sold following a 5.5 percent drop in crude prices. The Dow tumbled 1.02 percent, the SP 500 index lost 1.11 percent and tech-heavy Nasdaq Composite fell 0.93 percent.
Traders moved out of black gold after the US Department of Energy”s latest weekly report on reserves showed another increase in crude stockpiles and an unexpected rise in gasoline reserves.
Adding to the US sell-off was a rare, short-lived halt in trading of oil and oil products” futures on the New York Mercantile Exchange after gasoline prices hit their daily low limit. However, prices rebounded on bargain hunting in early Asian trade Thursday.
New York”s main contract, light sweet crude for delivery in June, rose $1.06 to $99.27 a barrel in morning trade, while Brent North Sea crude for June gained 94 cents to $113.51 in the afternoon.
Sentiment had already been harmed after China said consumer prices in April rose 5.3 percent, a little lower than March”s 5.4 percent but much higher than the government”s target of four percent — raising fears of a fresh set of monetary tightening in the world”s number two economy.
Gold was also a victim of the asset sell-off as it closed at $1,495.00-$1,496.00 an ounce in Hong Kong, well down from Wednesday”s finish of $1,523.30-$1,524.30.
A stronger dollar also made commodity prices less attractive as the greenback rose against the euro amid eurozone fears as Greece continues to struggle under mountains of debt. (AFP)
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