Asian stocks tumble on instability in oil-rich Middle East

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Asian stocks tumble on instability in oil-rich Middle East

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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.

02 March,2011 01:06 pm

Tokyos Nikkei dived 2.43 percent, or 261.65 points, to 10,492.38, its biggest loss since August 31, while Hong Kongs 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 Sydneys 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. Sentiment has been hammered as the price of crude sits a highs nit seen since before the global downturn in 2008. New Yorks benchmark crude oil futures contract shot back above $100 a barrel in Asian trade, having crossed the psychological threshold last week for the first time since October 2008. The contract for April delivery, West Texas Intermediate, rose to a high of $100.64 a barrel during the day before pulling back to $99.44 in the late afternoon, down 19 cents from the day before. Brent North Sea crude for April traded at $114.64, down 78 cents.