Asian Markets Closed Mixed On Rising Oil, Falling Dollar

August 27, 2008 9:36 a.m. EST

Tokyo, Japan (AHN) - Asian markets closed mixed Wednesday as energy producers in China and elsewhere gained from higher oil prices while exporters faltered as the U.S. dollar lost ground against the yen.

Hong Kong's Hang Seng Index rose 1.9 percent to 21,464 and the Hang Seng China Enterprises Index gained 3.3 percent to 11,780 on word that China's largest oil and gas producer Cnooc Ltd advanced 3.8 percent.

Crude oil gained 98 cents to $117.25 a barrel Wednesday after reaching $116.27 a barrel at Tuesday's close in New York. Partly pushing the rising price is concern about Gulf of Mexico oil platforms that may be threatened by Tropical Storm Gustav.

In Tokyo, the Nikkei 225 lost 0.2 percent, closing at 12,752. The downturn comes amid a weaker U.S. dollar that was worth 108.87 yen compared to 109.84 yen Tuesday. As a result, automakers Honda and Toyota finished lower, as well as electronics parts companies and semiconductor producers.

Elsewhere, Australia's S&P/ASX 200 closed up slightly, gaining 0.1 percent to 5,011. Helping the advance were Woodside Petroleum and miner Rio Tinto, boosted by better-than-expected quarterly profits and the strength of commodity prices.