Asia mixed after Wall Street sinks

Shanghai declined while Hong Kong and Sydney advanced while Markets in Japan & South Korea were closed for holidays, oil prices advanced

Asian stock markets were mixed Friday after Wall Street sank on worries about the health of U.S. banks that are under pressure from interest rate hikes.

Shanghai declined while Hong Kong and Sydney advanced. Markets in Japan and South Korea were closed for holidays. Oil prices advanced.

Wall Street's benchmark S&P 500 index lost 0.7% on Thursday as investors worried about the health of banks following three high-profile failures in the United States and one in Switzerland.

Shares of PacWest Bancorp, a target of investor scrutiny, tumbled 50.6%. The bank said it was considering options and has been approached by potential partners and investors.

Investors are watching what steps authorities might take to "limit further contagion risks," Yeap Jun Rong of IG said in a report. "Any inaction over the weekend could translate to a more downbeat risk environment to start next week."

The Shanghai Composite Index shed 0.7% to 3,326.18 while the Hang Seng in Hong Kong gained 0.6% to 20,063.58.

Sydney's S&P-ASX 200 rose 0.3% to 7,213.90. New Zealand and Southeast Asian markets declined.