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Asian stocks slip as crude sinks further

The Shanghai composite index in China was down 0.41% after opening 1.84% lower.

 
Asian stocks slip as crude sinks further

Asian stocks slipped on Monday in morning session, led by energy stocks, extending losses on the back of another Wall Street sell-off on Friday amid further decline in crude oil prices.

The Shanghai composite was down 0.41% after opening 1.84% lower, while Hong Kong’s Hang Seng Index fell 1.58%. China’s National Bureau of Statistics released the December new home prices, which rose 7.7% on-year, up from November's 6.5% increase. Shanghai and Shenzhen-listed property stocks were mostly up.

With China set to release its fourth-quarter gross domestic product numbers for 2015 on Tuesday, some analysts believe the sell-off in Chinese equities may worsen.

In Japan, the Nikkei 225 was down 1.94%, while South Korea’s Kospi traded 0.33% lower after slipping as much as 1.19% at market open.

Down Under, the Australian market traded in the red, with the main ASX 200 index retracing some losses to trade down 0.90%.

Major energy shares in Australia continued to sell-off with Santos tumbling 7.67%, Oil Search falling 4.74% and Woodside Petroleum sliding 1.85%. In China, Hong Kong-listed shares of CNOOC, PetroChina and Sinopec were down between 0.68% and 2.97%.

The West Texas Intermediate (WTI) was down 1.12% at $29.09 a barrel, after declining 6.33% last week.

Resources and financial stocks in Australia also traded down. Shares of Rio Tinto and BHP Billiton slid 2.23% and 2.65% respectively. Iron ore producer Fortescue was down 1.47%. Some gold stocks saw early gains with shares of Newcrest up 0.63%.

In Japan, export-oriented stocks such as Toyota, Nissan and Sharp retraced early losses to trade down between 0.89% and 1.60%.

In South Korea, shares of Samsung Electronics were down 0.80%, after initially shedding 2.56%.

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