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  • Market Report - Asia Mixed, Oil in Focus

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Market Report - Asia Mixed, Oil in Focus

Oil refiners and airlines were hurt by soaring oil prices, but trade was light with Tokyo shut for a holiday. ZHANG: Asia stocks were mixed on Tuesday, with investors keeping a close eye on soaring oil prices. Crude oil paused near record highs in Asia after surging nearly $4 on supply concerns. Chinese oil refiner Sinopec slumped as oil prices hit a record high above $120 a barrel. Sinopec is China's largest refiner, and imports around 80 percent of its oil. Shares in China's top e-commerce firm Alibaba.com remained in focus after Microsoft withdrew its bid for the company's major investor Yahoo. On the upside, in South Korea, Samsung gained over 2 percent. The electronics giant signed a deal with top rival Intel to cooperate on next-generation chip technology. Market activity was generally quiet with Tokyo closed for a long holiday. Japan markets will re-open on Wednesday.

YouTube | May 10, 2008Watch more videos from YouTube

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