06:45 AM EDT, 03/12/2026 (MT Newswires) -- Asian stock markets largely fell back Thursday, as traders weighed triple-digit global crude oil prices and uncertain prospects for peace in the Middle East.

Hong Kong, Shanghai and Tokyo finished in the red, as did most other regional exchanges.

In Japan, the Nikkei 225 opened lower and could not recover, finishing off 1% as the Strait of Hormuz -- through which Asia receives a major chunk of its crude oil -- remains closed.

The benchmark Nikkei 225 fell 572.41 to 54,452.96, as losing issues outnumbered gainers 188 to 34.

Leading the upside was Shin-Etsu Chemical, up 4.1%, while Denka -- also a chemical company -- declined 6%.

In economic news, Japan's Business Survey Index for large manufacturers fell to 3.8% in the Q1, down from 4.7% in Q4, but remained in positive territory for the third consecutive reading, reported the Cabinet Office. However, the survey was undertaken before recent Middle East turmoil.

In Hong Kong, the Hang Seng Index opened evenly, but declined in trading, closing down 0.7% on the oil outlook.

The broad gauge Hang Seng fell 182 to 25,716.76, as losing issues outnumbered gainers 60 to 28. The Hang Seng TECH Index lost 0.5% on the day, while the Mainland Properties Index fell 1%.

Leading the upside was JD Logistics, gaining 4.2%, while CSPC Pharmaceutical dropped 4.5%.

On the mainland, the Shanghai Composite fell 0.1% to 4,129.10.

On the other regional exchanges, the S. Korean KOSPI shed 0.5%; the Taiwan TWSE declined 1.6%; the Australian ASX 200 lost 1.3%; the Singapore Straits Times Index fell 0.2%, though the Thai Set bucked trends and inclined 1.6%. In late trading in Mumbai, the Sensex was down 1%

The MSCI All Country Asia Pacific Index fell 1.3% on the day.