Asian stock indices fall as oil prices climb
The Nikkei dropped 0.92% on October 7 despite previous record closes on Wall Street.
Asian stock indices closed lower on Wednesday, October 7, pressured by rising crude prices and persistent geopolitical tensions in the Middle East. The declines occurred even after two of the three main Wall Street indices reached fresh record highs the previous day.
In Tokyo, the Nikkei index fell 0.92% to 70,035.71 points, led down by financial shares. South Korea's Kospi dropped 1.98% to 6,803.90 points under pressure from technology stocks. Hong Kong's Hang Seng decreased 0.62% to 24,130.50 points, while Taiwan's Taiex edged down 0.03% to 49,806.37 points. Mainland Chinese markets remained closed for a week-long national holiday and resume trading tomorrow.
Oil prices supported the risk-off tone across the region. Brent crude rose 0.3% late overnight. In Oceania, Australia's S&P/ASX 200 index tracked the regional downward move in Sydney, slipping 0.09% to 8,727.70 points.
Share prices can rise and fall. Past performance does not guarantee future results. This article is news, not investment advice.
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