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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Wall Street sell-off hits Asian shares AFP - Tuesday, January 19 Send IM Story Print HONG KONG (AFP) - – Wall Street's worst performance so far in 2010 weighed on Asia stocks amid fresh fears over the pace of recovery, while Japan Airlines sank to a new low ahead of its expected bankruptcy. A dive in oil prices also hit sentiment, as crude tumbled after the International Energy Agency (IEA) last week predicted "sluggish" demand this year in the developed world, with emerging markets accounting for increases. However, bargain hunting mixed with local factors in some markets, helping other shares into the black. Doubts about the strength of a recovery in the US, the world's biggest energy user, were raised last week when it reported crude reserves had increased despite a severe cold snap across much of the country. New York's main light sweet crude contract has slid from a 15-month high of 83.95 dollars early last week. In Singapore Monday, New York crude for February delivery fell 34 cents to 77.66 dollars a barrel. Brent North Sea crude for February delivery was down 34 cents at 76.77 dollars. "Oil is under pressure primarily from economic considerations," said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz. "Some of the economic data out of the US were not really robust and so these data raised doubts about the health of the US consumer and the strength of the US economy." Dealers in the region were also absorbing a 0.94 percent fall on Wall Street Friday, the biggest drop this year amid a lack of enthusiasm over earnings results so far. Tokyo was off 1.16 percent, or 127.02 points, at 10,855.08. JAL plunged 28.6 percent to an all-time low of five yen (five cents) a day before it is expected to file for bankruptcy as it struggles under enormous debts. It is also widely thought JAL will delist its stock. The carrier's market value is now just 150 million dollars, less than the cost of one new jumbo jet. While Tokyo has said it will try to ensure its survival during restructuring, investors expect to lose most or all of their money if it files for bankruptcy. In the meantime, many short-term speculators are trading the shares to try to make a quick profit, dealers said. "This has become a pure money game," said Masatoshi Sato, strategist at Mizuho Investors Securities. "There is really no meaning to the level of the shares." The firm's stock has plunged 95 percent over the past three months. Hong Kong was 0.90 percent, or 194.15 points down at 21,460.01. However, Shanghai closed up 0.40 percent, or 12.95 points, at 3,237.10. The index's morning falls were erased by airlines, which were boosted by China Eastern Airlines reporting that it expected to turn a profit for 2009. The carrier climbed 5.06 percent to 6.65 yuan and Air China rose 4.6 percent to 11.09 yuan. Chinese and Hong Kong banks and property plays were held by growing concerns Beijing will further tighten monetary policy to keep a lid on the nation's soaring economic growth. "Investors are on the sidelines as they are waiting for further monetary policy signals which will have an impact on sectors such as banks," Guoyuan Securities analyst Simon Wang told Dow Jones Newswires. Meanwhile, China launched the CSI Cross-Straits 500 Index Monday in a bid to boost financial cooperation in the Greater China region. But on its first day the index, which covers 500 firms listed in the mainland, Hong Kong and Taiwan, ended down 0.41 percent from its opening level to 1,465.69, according to the company's website. Sydney ended 0.23 percent, or 11.5 points, higher at 4,911.1 on gains in the financial sector which offset falls among the big miners. BHP Billiton dropped 0.48 percent to 43.44 Australian dollars (40 US dollars) and Rio Tinto shed 0.38 percent to 78.32. Seoul added 0.59 percent, or 9.98 points, to finish at 1,711.78. The euro slid to 1.4378 dollars in Tokyo afternoon trade from 1.4385 in New York late Friday. It rose to 130.77 yen from 130.55. The dollar gained to 90.94 yen from 90.82. And in Hong Kong gold closed flat at 1,135.00-1,136.00 US dollars an ounce, unchanged from Friday. 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