Asia report: Most markets lower as oil prices tumble

In Japan, the Nikkei 225 was down 0.83% at 23,098.29, as the yen weakened 0.06% against the dollar to last trade at JPY 108.84.

Among the larger plays in Tokyo, Fanuc Manufacturing was down 0.66% and Toyota lost 1.95%, while Uniqlo owner Fast Retailing added 0.74%.

It was a mixed picture for the country’s technology sector, with SoftBank down 0.73% while Sony added 0.5%.

On the mainland, the Shanghai Composite was off 0.19% at 3,481.51, and the smaller, technology-heavy Shenzhen Composite fell 1.66%.

Official data out of Beijing during the day showed factory activity in China improved less than expected in January, with the official manufacturing PMI coming in at 51.3, compared to the 51.5 estimated in a Reuters poll.

South Korea’s Kospi slipped 0.05% to 2,566.46, while the Hang Seng Index in Hong Kong went against the regional trend to finished up 0.86% at 32.887.27.

On the technology front in Seoul, Samsung Electronics eked out gains of 0.2% after it announced a 50:1 stock split.

The company said the split was based on its view that a high share price was hindering potential investors.

Earlier in the session, Samsung reported a record fourth-quarter profit, rising 64.3% year-on-year to KRW 15.2trn in line with its earlier forecasts.

Among other tech names on the Korean peninsula, LG Display was down 1.08% and SK Hynix added 0.55%.

Oil prices were continuing to decline, with Brent crude last down 0.67% at $68.51, while West Texas Intermediate lost 0.67% to $64.07.

In Australia, the S&P/ASX 200 also improved, rising 0.25% to 6,037.70, with energy and materials the exceptions to the broad gains seen across sectors.

Tumbling oil prices led to the declines in energy plays, with Beach Energy down 4.06% and Santos off 1.16%.

Across the Tasman Sea in New Zealand, the S&P/NZX 50 surged 1.7% to 8,442.01, led higher by casino group SkyCity Entertainment, which rose 4.3%.

Accounting software giant Xero rose 0.3% on its final day being listed in Wellington, as the New Zealand-based company executed a previously-announced plan to withdraw from the local market to concentrate on its Sydney listing.

Both of the down under dollars were stronger against the greenback, with the Aussie last ahead 0.27% at AUD 1.2335, while the Kiwi advanced 1.11% to NZD 1.3491.