Traders are seen at the Hong Kong Stock Exchange. The bourse yesterday reversed morning losses to close 0.24% higher, adding 54.84 points to 23,143.38.

AFP/Tokyo

 

Most Asian markets came under fresh selling pressure yesterday, while the dollar dipped and oil hit multi-year lows, following another round of losses on Wall Street fuelled by global growth concerns.

However, Shanghai pared initial heavy losses and Hong Kong ended in positive territory after Chinese official data showed a better than expected rise in the mainland’s exports and imports.

Investors are warily watching events in Hong Kong as clashes erupted in the city between pro-democracy protesters and masked men, hours after police began removing barricades that have blocked some main roads for the past two weeks.

Shanghai, which sank more than 1% in early trade, ended down 0.36%, or 8.53 points, at 2,366.01.

Hong Kong reversed morning losses to close 0.24% higher, adding 54.84 points to 23,143.38.  Sydney gave up 0.63%, or 32.8 points, to close at 5,155.5 and Seoul ended 0.71% lower, easing 13.71 points to 1,927.21. Tokyo was closed for a public holiday.

Global markets have felt the effect in recent weeks as traders fret over the state of the global economy, with China, the eurozone and Japan struggling even though the US is clawing its way back to health.

The latest indicators on the global outlook came from Beijing yesterday, with official data showing September exports rose 15.3% year-on-year and imports climbed 7%.

On currency markets, the dollar eased to 107.36 yen from 107.65 yen in New York on Friday, while the euro was at $1.2665 against $1.2627.

The single currency was also at 136.01 yen, from 135.97 yen.

The yen, which is considered a safe bet in times of turmoil, has rallied in the past as equities markets have fallen.

Oil prices tumbled again on pessimism about demand. US benchmark West Texas Intermediate for November delivery fell $1.45 to $84.37 – its weakest for two years – while Brent North Sea crude lost $1.79 to a four-year low of $88.42.  Gold was at $1,227.19 an ounce against $1,222late Friday.

In other markets, Malaysia’s main stock index fell 11.68 points or 0.65% to 1,797.20; Taipei tumbled 2.84%, or 255.05 points, to 8,711.39; Wellington fell 1.05%, or 55.09 points, to 5,170.05; Manila plunged 2.78%, or 199.26 points, to 6,968.09; Jakarta ended down 1.01%, or 49.91 points, at 4,913.05; Singapore closed 0.67%, or 21.72 points, lower at 3,202.15 and Bangkok lost 0.67% or 10.37 points to end at 1,542.35.