Asia stocks decline after overnight drop in US crude prices

Asia stocks fell on Tuesday as the May contract for U.S. crude reentered negative territory.

Mainland Chinese stocks fell on the day, with the Shanghai composite down 0.9 percent to about 2,827.01 while the Shenzhen composite shed 0.817 percent to approximately 1,753.42. Hong Kong’s Hang Seng index fell 2.09 percent, as of its final hour of trading.

In Japan, the Nikkei 225 fell 1.97 percent to close at 19,280.78 as shares of index heavyweights Fast Retailing and Softbank Group dropped 3.74 percent and 4.11 percent, respectively. The Topix index also shed 1.15% to end its trading day at 1,415.89.

Meanwhile, stocks in Australia slipped, with the S&P/ASX 200 closing 2.46 percent lower at 5,221.30.

South Korea’s Kospi dropped 1percent to close at 1,879.38 while the Kosdaq index dropped 1.42 percent to finish its trading day at 628.77. The South Korean won also weakened against the greenback as it traded at 1,229.65 per dollar.