Asian stocks fail to hold gains, turn lower along with oil

Seoul, 11 Rabi’II,1437 AH, 21 January,2016 , SPA — Asian stock markets were mostly in the red Thursday, surrendering early gains as oil drifted lower and sentiment remained fragile following big swings on Wall Street, AP reported.
Tokyo’s Nikkei 225 lost 2.4 percent to 16,017.26 and South Korea’s Kospi inched down 0.3 percent to 1,840.53. Hong Kong’s Hang Seng was down 1.3 percent to 18,641.56. Australia’s S&P/ASX 200 gained 0.5 percent to 4,864.00. China’s Shanghai Composite fell 0.8 percent to 2,951.49. Markets in Singapore and Thailand also were lower. Indonesia rose.
Stock markets have taken a beating along with the price of oil as investors believe stock prices have risen too high at a time when the near-term global economic outlook is for modest growth rather than a strong upswing.
11:21 LOCAL TIME 08:21 GMT