Market Report - Asia Shares Hit By Oil, Dollar

CHAN: Most major benchmark indexes fell on concerns about oil prices and the U.S. dollar. ZHANG: Asian shares declined Wednesday, hit by soaring energy prices and a weaker U.S. dollar. The Nikkei dropped 1.7 percent. Toyota and other exporters fell as the yen advanced against the greenback. Japanese banks like Mitsubishi UFJ Financial also tumbled, as lingering credit concerns weighed on the financial sector. Seoul's KOSPI finished down 1.4 percent, with Hyundai Motor lower amid concerns about U.S. demand, and with oil at a record peak near $130 a barrel. Taiwan's benchmark also dipped as chip giant TSMC followed Wall Street tech stocks lower. Australian shares, meanwhile, declined as financial stocks, like top investment bank Macquarie Group sank. Insurance Australia Group also fell after rejecting a $8.4 billion takeover offer from rival QBE Insurance.

YouTube | May 24, 2008