Asian Stocks Mixed; Decline in Banks Offset by Tencent’s Rally

Asian stocks were mixed as a slump in banking stocks outweighed the boost provided by Tencent Holdings Ltd.’s strong profit growth.

The MSCI Asia Pacific Index slipped 0.2 percent to 174.30 as of 5:46 p.m. in Hong Kong. For every five stocks that fell, four rose.

Agricultural Bank of China Ltd., HSBC Holdings Plc and Hang Seng Bank Ltd. fell in Hong Kong after paying out dividends. Tencent closed 3.7 percent higher and gained $ 18 billion in value after delivering record profit that topped analyst estimates.

Taiex -0.6%, Kospi index -0.5%, Kospi 200 index -0.5%., S&P/ASX 200 -0.2%, New ZealandA?a��a�?s S&P/NZX 50 +0.6%.

IndiaA?a��a�?s S&P BSE Sensex Index -0.7%, NSE Nifty 50 Index -0.6%.

Straits Times Index +0.1%, MalaysiaA?a��a�?s KLCI +0.2%, Philippines Stock Exchange PSEi Index -2.3%, Jakarta Composite -0.4%, ThailandA?a��a�?s SET Index little changed, VietnamA?a��a�?s VN Index -2.3%.

Source: Bloomberg

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Hong Kong stocks stumble after six-day rally

Hong Kong stocks tumbled more than one percent Tuesday as profit-takers moved in following a six-day rally, while investors were also looking ahead to fresh trade talks between China and the United States this week.

The Hang Seng Index dropped 1.23 percent, or 389.05 points, to close at 31,152.03, having risen more than five percent during its recent surge.

The benchmark Shanghai Composite Index added 0.57 percent, or 18.09 points, to 3,192.12 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, was up 0.91 percent, or 16.63 points, to 1,839.88.

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U.S. stocks open lower, Dow poised to end eight-day rally

U.S. stocks opened lower on Tuesday, with major indexes on track to end a lengthy streak of gains as bond yields jumped to a multiyear high.

The Dow Jones Industrial Average fell 0.5% to 24,779. The blue-chip average is coming off an eight-day rally. The S&P 500 lost 0.4% to 2,718. The Nasdaq Composite Index shed 0.7% to 7,360. Among the primary factors driving trading was the yield on the 10-year U.S. Treasury note which shot above the psychologically important 3% level and hit its highest level since 2011.

Source: Marketwatch

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