Asian Market Update

Asian markets were mostly lower on Wednesday following a sell-off in New York and Europe, with fears about Greece returning to haunt dealers, while oil prices resumed their downward spiral after a slight uptick.

Shanghai's benchmark index recovered slightly after slumping more than five percent Tuesday - its heaviest loss in five years - although another round of weak inflation data capped gains.

Tokyo fell 1.38 per cent, taking another hit from further strengthening of the yen, while Shanghai edged up 0.24 per cent. Sydney shed 0.68 per cent, Seoul eased 0.67 per cent and Hong Kong was flat.

Tuesday's losses in Asia, which followed a week-long rally, spread to European and US markets and were exacerbated by news that Greece had brought forward a presidential election, raising worries of fresh political instability.