Asia stocks mostly up 8211 Shanghai dives

China shares dropped as regulators punished three brokerages for rule violations.

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By :  ,  Financial Analyst

Asian stock markets mostly rose today (January 19th) after oil rebounded and US consumer confidence jumped to an 11-year high.

West Texas Intermediate crude for February delivery was stable after surging 5.3 per cent to $48.69 (£32) a barrel in New York on Friday (January 16th). The Dow rose 1.1 per cent, the S&P 500 added 1.34 per cent and the Nasdaq rallied 1.39 per cent.

However, Shanghai tumbled 7.7 per cent today to close at 3,116.35 — its biggest fall since June 2008, after regulators punished three major brokerages for rule violations on Friday.

"The CSRC's punishment of the three brokerages for rule violations for margin trading business last Friday was a punch to the market," BOC International analyst Shen Jun told AFP.

Tokyo rose 0.89 per cent to 17,014.29, while Sydney gained 0.19 per cent to 5,309.1 and Seoul closed 0.77 per cent higher to 1,902.62. Hong Kong was down 1.5 per cent at 23,738.49

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