Asian stock markets higher after Wall St sinks further

Asian stock markets gained Wednesday after Wall Street sank on weak U.S. housing sales and a profit warning by a prominent social media brand, the Associated Press reported.

Shanghai, Hong Kong and Seoul advanced while Tokyo declined. Oil prices rose more than $1 per barrel to stay above $110.

Wall Street’s benchmark S&P 500 index lost 0.8% after the profit warning Tuesday by Snapchat’s parent company. Spooked investors dumped social media stocks. Construction stocks fell after U.S. home sales plunged in April.

“The overall mood in equity markets remains largely downbeat,” Jun Rong Yeap of IG said in a report.

The Shanghai Composite Index advanced 0.8% to 3,094.88 while the Nikkei 225 in Tokyo shed less than 0.1% to 26,729.70. The Hang Seng in Hong Kong gained 0.5% to 20,216.79.

The Kospi in Seoul rose 0.8% to 2,626.90 and Sydney’s S&P-ASX 200 added 0.7% to 7,177.80.

India’s Sensex opened up less than 0.1% at 54,099.64. New Zealand, Singapore and Jakarta declined while Bangkok advanced.