Asian markets closed lower Wednesday as investors focused on rapidly rising oil prices, which broke the $100-per-barrel mark in response to growing tensions in the Middle East. In Japan the Nikkei 225 Index slid 2.4%, Hong Kong's Hang Seng Index fell 1.5%, and China's Shanghai Composite Index edged down 0.2%.
There are warning signs that Hong Kong property prices have hit their peak, and today real estate firms dragged the Hang Seng index lower. Despite the drum beats of the lion dancers specially booked to celebrate Chinese New Year and "guaranteed" to bring prosperity to every business they visit, this year may prove a tough one for Hong Kong developers.
Asian markets rose today with investors piling into oil companies as the price of oil passed the $100 a barrel mark. Hong Kong's Hang Seng Index inched up 0.2%, the Shanghai Composite Index added 0.3%, and Japan's Nikkei 225 Index edged up 0.4%.
Continuing unrest in Egypt sent shock waves through stock markets as far away as Japan, where the Nikkei 225 Index fell 1.2%. Hong Kong's Hang Seng Index also dropped 0.7%. In China the Shanghai Composite Index climbed 1.4%.
