Asia-Pacific markets mostly declined on Friday, following volatile trading on Wall Street overnight, as the Middle East war and disruptions to energy supply keep investors jittery.
Markets in Japan were closed Friday for holiday.
In Hong Kong, the Hang Seng dumped 223.26 points, or 0.9%, to 25,277.32, with Xiaomi Corp as the largest dragger, falling more than 7%.
The selloff came a day after the company launched an updated electric vehicle model and announced plans to invest over $8.7 billion in artificial intelligence development over the next three years.
Iran attacked the world’s largest gas plant in Qatar on Thursday, causing damage to the energy supply for the next several years, in retaliation against Israel’s strikes on its South Pars gas field. QatarEnergy CEO Saad al-Kaabi said the Iranian attacks had wiped out 17% of the country’s LNG export capacity for three to five years.
The tit-for-tat attacks on key oil and gas infrastructures across the Middle East sent energy prices soaring.
U.S. natural gas prices were last seen 1.5% higher, trading at $3.112 per million British thermal units. Front-month Nymex RBOB gasoline for April delivery, meanwhile, rose almost 1% to $3.13 and hit a nearly four-year high.
Oil prices retreated with the international benchmark Brent crude futures declining 2% to $106.45 per barrel. U.S. West Texas Intermediate futures dropped 1.56% to $94.64.
Saudi Arabia, one of the world’s largest oil producers, expects prices to soar past $180 a barrel if the supply disruption persists until late April, the Wall Street Journal reported, citing country officials.
Signaling efforts at calming concerns, U.S. President Donald Trump said that he was not deploying ground troops, and Israeli Prime Minister Benjamin Netanyahu stated that Israel would refrain from repeating attacks on Iranian energy facilities.
U.S.-aligned countries, including Britain, Canada, France, Germany and Japan issued a joint statement expressing “our readiness to contribute to appropriate efforts to ensure safe passage through the Strait” of Hormuz.
CHINA
In Shanghai, the CSI 300 sank 16.23 points, or 0.4%, to 4,567.02
China’s central bank held its benchmark lending rates steady for a 10th month on Monday, with the five-year loan prime rates at 3.5% and the one-year rate at 3%.
In other markets
In Korea, the Kospi index recovered 17.98 points, or 0.3%, to 5,781.20.
In Singapore, the Straits Times Index dished off 18.74 points, or 0.4%, to 4,948.87.
In Taiwan, the Taiex index lost 145.80 points, or 0.4%, to 33,543.88.
In Australia, the ASX retreated 69.34 points, or 0.8%, to 8,428.45.
In New Zealand, the NZX 50 ditched 61.62 points, or 0.5%, to 12,989.99
