Asian Market Update

Asian markets tumbled Tuesday following painful losses in New York and Europe while the euro sat near nine-year lows as political uncertainty in Greece fanned renewed fears it could leave the eurozone.

Oil prices, which fell below the psychological US$50 a barrel mark in US trade, edged up marginally but remained under pressure owing to a global supply glut, weak demand and a stronger dollar.

Tokyo tumbled 2.50 per cent, Hong Kong lost 0.89 per cent, Sydney eased 1.67 per cent, Seoul was 1.30 per cent lower while Shanghai reversed earlier losses to gain 0.70 per cent.