HK, Shanghai Rise As Most Asian Markets Fall

Shares ended on Thursday morning slightly higher in Hong Kong, recovering from early selling, as investors made small inroads into the previous two days' hefty losses.

The Hang Seng Index added 0.2 percent, to 30,917.

On the mainland, the Shanghai Composite Index also reversed course to gain 0.6 percent, to 3,279, while the Shenzhen Composite Index rose 0.9 percent, to 1,827.

Tokyo finished the morning session 1.6 percent lower, with a stronger yen hitting exporters, while Sydney shed 0.8 percent and Singapore slipped 0.6 percent.

Wellington, Taipei, Manila and Kuala Lumpur were also well down.

Energy firms across the region took another hit from plunging oil prices.

Among the biggest losers were petroleum-linked firms, tracking their counterparts in New York, which were hit by data showing a bigger-than-expected rise in US stockpiles. Hong Kong-listed CNOOC, PetroChina and Sinopec were all down around two percent, while Inpex in Tokyo sank three percent.

Both main contracts have been taking a hit recently as a ramp-up in US shale production offsets the effects of a key Opec-Russia cap, while gains in the dollar against higher-yielding currencies make the commodity more expensive. Brent lost more than 1 percent and WTI more than 2 percent on Wednesday. (AFP)

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