Asia stocks mixed on Middle East woe

HONG KONG: Asian stocks were mixed on Monday as escalating violence in the Middle East depressed sentiment and sent oil prices higher, while China's monetary tightening last week also weighed.

There was little reaction to a G20 meeting in Paris that agreed on a set of indicators aimed at avoiding another global downturn.

Hong Kong fell 0.47 percent, or 109.82 points, to 23,485.42 and Sydney ended 0.74 percent, or 36.7 points, lower at 4,900.0.

Seoul shed 0.39 percent, or 7.84 points, to 2,005.30. However, Tokyo overcame morning losses to end 0.14 percent, or 14.73 points, higher at 10,857.53, a near 10-month high. Shanghai gained 1.12 percent, or 32.46 points, to close at 2,932.25, despite the central bank's decision Friday to hike the amount of money lenders must keep in reserve, as it struggles to keep inflation under control.

Investors are growing more concerned about the crisis in the Arab world, where the son of Libya's leader warned of a "bloodbath" if the government's offer of reforms was not accepted by protesters, while Bahrain has also been rocked by unrest.

The energy-rich Middle East has been rocked by revolutions in Tunisia and Egypt, with Iran, Morocco and Yemen also seeing demonstrations.

The regional troubles sent oil higher in Asian trade due to worries about possible supply problems. Brent North Sea crude for April delivery soared $1.13 to $103.65 per barrel in the afternoon, and New York's main contract, light sweet crude for March, rose $1.17 to $87.37.

The euro fetched $1.3674 in Tokyo afternoon trade, compared with $1.3691 in New York late Friday. The single currency also traded at 113.65 yen against 113.92 in New York, after rising briefly in Asia to 113.97 yen, the highest since January 27. The dollar changed hands at 83.08 yen, down from 83.12 in New York.

Gold closed at $1,396.50-$1,397.50 an ounce in Hong Kong, up from Friday's close of $1,386.00-$1,387.00.(AFP)