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Tech Drama Roils Asian Stock Markets; Oil Prices Ease

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Asian stock markets churned on Wednesday, as traders took cues from pointed overnight declines in tech while noting still-easing oil prices.

Hong Kong and Shanghai gained, and Tokyo lagged. Most other regional exchanges finished higher, including a 3.2% rise on Seoul's KOSPI index, recovering partially from Tuesday's 10% slide.

Brent oil futures declined 1.4% to $75.72 a barrel during market hours.

In Japan, the Nikkei 225 opened evenly, wobbled, and finished off 0.9% as traders again eyed semiconductor-sector issues warily.

The benchmark Nikkei 225 fell 613.41 to 69,174.97, as losing issues outnumbered gainers 130 to 91.

Leading the upside was electronics house Sharp, up 15.1% after majority owner Hon Hai Precision Industry of Taiwan, aka Foxconn, indicated cost cuts were pending. Insurer T&D declined 5.7%.

In Hong Kong, the Hang Seng Index opened higher and held ground, closing up 0.3%.

The broad gauge Hang Seng rose 75.90 to 23,412.18, although losing issues outnumbered gainers 46 to 45. The Hang Seng TECH Index gained 1.8% on the day, while the Mainland Properties Index was flat.

Leading the upside was Semiconductor Manufacturing International, gaining 8.9%, while Xinyi Solar declined 3.8%.

On the mainland, the Shanghai Composite rose 0.1% to 4,110.81.

On the other regional exchanges, the Taiwan TWSE declined 2.2%; the Australian ASX 200 advanced 0.2%; the Singapore Straits Times Index rose 0.2%, and the Thai Set gained 0.5%. In late trading in Mumbai, the Sensex was up 1%.

The MSCI All Country Asia Pacific Index fell 0.2% on the day.

In other news, the Bank of Thailand left its key policy interest rate unchanged at 1%.

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BOJ Board Warns Crude Oil Price Hikes Could Spread to Consumer Items, June Minutes Show
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BOJ Board Warns Crude Oil Price Hikes Could Spread to Consumer Items, June Minutes Show

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Australia's Inflation Increases 4% in Year to May

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