Asian markets fall on Mideast concern

Oil prices surged and Asian stock markets plunged on Thursday, as traders worried about turmoil in Libya and possible further contagion within the Arab world.
Uprisings across North Africa and the Middle East have led to risk aversion among investors, causing them to buy up safe-haven assets such as gold and the Swiss franc, which hit a record high against the dollar.
With crude shipments from the country curtailed, oil prices jumped to highs not seen since 2008, potentially fuelling inflation at a time when many nations, particularly in Asia, are trying to keep it under control.
Brent North Sea crude -- which is more sensitive to Middle East unrest because of Europe's greater dependence on oil from the region -- reached $119.79 in European trade late in the Asian day, before receding somewhat.
Morocco, Bahrain, Yemen and Iran are already witnessing uprisings, after similar movements led to the ouster of the presidents of Egypt and Tunisia. In Saudi Arabia King Abdullah decreed an increase in social benefits to try to head off a similar fate.
Investors looking for safe havens pushed gold to $1,414.00-$1,415.00 an ounce by the end of Hong Kong trade, up from Wednesday's close of $1,400.00-$1,401.00.
Stocks were mostly lower as dealers continued to cash out for a fourth day.
Tokyo fell 1.19 percent, or 126.39 points, to end at 10,452.71, while Sydney closed down 0.75 percent, or 36.60 points, at 4,809.30.
Mumbai fell 3.00 percent, or 545.92 points, to 17,632.41 after street demonstrations on Wednesday highlighted the problem of inflation.
Investors sold equities amid fears that India's central bank was preparing another interest rate hike.
Hong Kong tumbled 1.34 percent, or 305.86 points, to 22,601.04, extending its losing streak to four straight sessions.
Stocks were also dragged down by an 0.88 percent fall on the Dow in New York.
However, Shanghai ended 0.56 percent, or 15.97 points, higher at 2,878.60, led by gains in coal miners and oil firms.
The dollar firmed slightly to 0.9280 Swiss francs in afternoon trade, after sliding to 0.9273 earlier, but still below its previous record low of 0.9301 marked in December.
The euro rose to $1.3781 in Tokyo trade from 1.3746 in New York late Wednesday. The dollar fell to 82.01 yen from 82.46 yen.
In other markets:
Seoul fell 0.60 percent, or 11.75 points, to 1,949.88. Singapore fell 0.96 percent, or 28.77 points, to 2,973.08.
Kuala Lumpur fell 1.40 percent, or 21.24 points, to 1,489.87. Bangkok fell 1.38 percent, or 13.69 points, to 977.22.