Asia: Most stocks rise despite oil prices record low

Most Asian stocks were on the high on Wednesday despite oil prices breaking a new record low.

The price of Brent crude broke below $50 for the first time since May 2009 to $49.92 early on.

Shanghai index rose 0.67% and Hong Kong’s Hang Seng was higher 0.83% following upbeat consumer sentiment in China. The index rose to 112.5 in December from 111 the month before.

China is expected to invest $1.1trn in infrastructure projects to prevent growth slipping below 7%, Bloomberg reported.

“We see this as providing support for metal prices and the global mining sector,” Shore Capital analysts said on Wednesday.

Japan’s Nikkei 225 was slightly up by 0.01% due to a strong dollar and weak yen, offsetting worries over the decline of oil prices.

This week’s services purchasing manager’s index showed Japanese domestic demand is recovering after last year’s recession.

The reading came at 51.7 in December from 50.6 the month before.

However, Australian Securities Exchange was down 0.21% led by losses in the energy sector due to the decline in oil prices.