Asian Market Update : Epic Research Singapore

Asian stocks lost steam on Wednesday, with most leading indexes in retreat after US markets slumped on worries about surging oil prices and growing tensions over the Greek debt crisis.

Sydney tumbled 1.53 per cent, Seoul was down 1.13 per cent and Hong Kong slipped 0.29 per cent in early trade. Tokyo was closed for a holiday.

Chinese shares bucked the trend, with Shanghai rising 0.87 per cent to recover some ground after the index plunged more than four percent the previous session on worries over new share issues that tightened liquidity.

But most markets took their lead from Wall Street, after the Dow Jones Industrial Average dropped 142.20 points or 0.79 per cent to 17,928.20, weighed down by a rise in US oil prices above US$60 a barrel.

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