Asian Stocks Drop on Weaker Oil, Global Growth Concerns
The Asian stocks snapped the previous rebound and fell sharply this
Wednesday, tracking steep losses booked on the Wall Street overnight.
While tumbling oil prices combined with resurfacing global growth
concerns also weighed heavily on the resource and energy stocks on the
regional indices.
Meanwhile, a lack of fresh fundamental drivers
except for the NZ jobs data, fails to offer support to the Asian
equities. Japan’s markets remain closed until Friday in observance of
public holidays.
The Australian stocks fell back in the red after
a brief relief rally triggered by RBA’s surprise rate cut decision on
Tuesday. The Australian benchmark index dropped to the lowest in a month
largely on the back of a retreat in the industrial metals. The
benchmark ASX 200 index slides -1.28% to 5,285 points.
While
the Chinese equities follow suit and drift lower, with the benchmark
Shanghai Composite index modestly flat just below 3k mark, the CSI300
index drops -0.22%, while Kong’s Hang Seng extends the previous drop,
now down -1.04%.
