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Published: March 2 2011 10:28 | Last updated: March 2 2011 10:28
Asian stocks were lower on renewed concerns that higher oil prices could choke off the global economic recovery, with airlines bearing the brunt of crude oil’s surge above $100 a barrel.
Global market were responding to fears that unrest could spread further through the Middle East as violence continued in Bahrain. Stock indices in the Arab region were nursing heavy losses, with Dubai down 3.1 per cent and Saudi stocks off 2.8 per cent.
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The MSCI Asia Pacific index was off 1 per cent while Japan’s Nikkei 225 ended down 2.4 per cent to 10,492.38. South Korea’s Kospi Composite was 0.6 per cent lower at 1,928.24 and Australia’s S&P/ASX 200 was off 0.5 per cent at 4,803.21. China’s Shanghai Composite slipped 0.2 per cent to 2,913.8, while Hong Kong’s Hang Seng shed 1.5 per cent to 23,048.66.
