Asia stocks subdued as oil resumes fall

December 29, 2015 08:28

Asian stocks were subdued on Tuesday, with Japanese and South Korean equities slipping, after crude oil prices resumed their slide and cooled investor sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS were effectively unchanged, and looked set for a loss of around 12 percent for the year.

Japan's Nikkei .N225 lost 0.3 percent and South Korea's KOSPI .KS11 fell 0.4 percent. Australian stocks bucked the trend and rose 0.4 percent.

On Monday, prices of both Brent and US crude dropped more than 3 percent LCOc1 CLc1, reversing a brief rebound and dragging US energy shares .SPNY down 1.8 percent as the worst performing of the major S&P sectors.

Brent was at $36.60 a barrel, near an 11-year low of $35.98 struck last week.

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