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Australian shares slump on OPEC stance, Asia trades mixed

Published 11/27/2014, 08:57 PM
Updated 11/27/2014, 09:00 PM
Australia shares slump

Investing.com - Australian shares slumped on Friday after OPEC rejected calls to cut output, sending crude prices into a tailspin.

Elsewhere in the Asia-Pacific region, stocks traded mixed.

Australia's S&P/ASX 200 was down 1.3% to 5333, as crude-oil futures fell 6.8% to $68.68 a barrel.

Santos Ltd (ASX:STO) was among the sharpest fallers in the energy sector with a tumble of more than 10%, while larger Woodside Petroleum Ltd (ASX:WPL) was down 6%. Elsewhere in the sector, Oil Search Ltd (ASX:OSH) shed 7.6% and Origin Energy Ltd (ASX:ORG) dropped 6.2%.

The 12-member Organization of the Petroleum Exporting Countries, which collectively pump around one-third of the world's oil, agreed on Thursday to stick to a current target of pumping 30 million barrels a day.

Stocks elsewhere in the region were mixed amid an absence of cues from the U.S., where the market was closed for the Thanksgiving holiday Thursday.

Tokyo shares edged higher after the latest economic data showed signs of life for Japan's economy in October. Industrial production improved again in October, rising 0.2% from a month earlier. The Nikkei 225 rose 0.6% to 17350.89.

Still, Japan's core inflation rate came in at 2.9%, meeting expectations, but also highlighting weakness in reaching a sustained 2% level targeted by Prime Minister Shinzo Abe and the Bank of Japan.

Among other markets, South Korea's Kospi was down 0.3% at 1976.07.

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