Asian stocks halted a five-day rally and Malaysia’s ringgit weakened as signs an oil glut is worsening weighed on crude prices. Shares of raw-materials producers and energy companies were Asia’s worst performers as crude extended its slide below $42 a barrel.
The MSCI Asia Pacific excluding Japan Index fell 0.2 percent as of 7:17 a.m. London time, slipping from a one-year high.
China stocks reversed earlier gains on Thursday as sharp corrections in resources shares and small-caps dragged main indexes lower, despite gains in financial plays.
The blue-chip CSI300 index ended the session down 0.3 percent, to 3,233.36, while the Shanghai Composite Index lost 0.5 pct to3,002.64 points.
Hong Kong shares climbed to an eight-month closing high on Thursday, as a further decline in global bond yields increased the appeal of blue-chips listed in the city.
The Hang Seng index rose 0.4 percent, to 22,580.55, while the China Enterprises Index gained 1.2 percent, to 9,423.34 points.
Reference: Reuters
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