The Japanese market, the biggest in Asia, fell by more than one percent. Singapore also suffered a heavy tumble, sliding over 1.7 per cent.

The bourses in Hong Kong, Taiwan, South Korea and India also ended in the red.

The weaker Asian performance followed a sharp Wall Street slide of more than 1.5 per cent on Wednesday. Soaring crude prices triggered the US fall, with investors fearing energy costs would stoke inflation and hit consumer spending.

KUALA LUMPUR
Malaysian share prices closed 0.5 per cent lower on Thursday as record oil prices and a sharp fall on Wall Street overnight prompted cautious investors to take profits, dealers said.

The Kuala Lumpur Composite Index (KLCI) closed down 6.8 points at 1,280.35, off a low of 1,275.91.

HONG KONG
Hong Kong stocks edged down 0.63 per cent on Thursday in thin trade, tracking losses in overseas markets, with oil refiners PetroChina and Sinopec leading the drop after crude prices hit a new record.

The benchmark Hang Seng Index closed down 160.42 points to 25,449.79. The China Enterprises Index of Hong Kong-listed mainland companies , or H shares, fell 1.64 per cent to 13,886.59.

SHANGHAI
Chinese share prices closed up 2.17 per cent on Thursday, led by telecom stocks, amid expectations that the country will speed up the restructuring of the industry this month, dealers said.

They said the gains in the telecom sector pushed up the key index in Shanghai, while coal miners also surged after oil prices in New York rocketed to close at a record 123.53 dollars (S$170) a barrel overnight.

The benchmark Shanghai Composite Index, which covers A and B shares, closed up 77.69 points at 3,656.84 on turnover of 108.8 billion yuan (S$21.3 billion).

The Shanghai A-share Index was up 81.43 points or 2.17 per cent to 3,837.08 on turnover of 108.4 billion yuan. The Shenzhen A-share Index added 30.43 points or 2.70 per cent to 1,158.00 on turnover of 44.8 billion yuan.

TOKYO
Japanese share prices closed down 1.13 per cent on Thursday following overnight losses on Wall Street where surging oil prices weighed on sentiment, dealers said.

The benchmark Nikkei index fell 159.22 points to close at 13,943.26, slipping from the previous day's near four-month high. The broader Topix index of all first-section shares fell 20.33 points or 1.46 per cent to 1,372.95. -- REUTERS, AFP